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Kerala State Industrial Development Corporation Ltd – Appellant
Versus
Poonmudi Tea Pack Ltd – Respondent
1. Kerala State Industrial Development Corporation Ltd. (for short 'KSIDC') is the petitioner and the prayer is under S.433 of the Companies Act to wind up the respondent Poonmudi Tea Pack Ltd. (for short 'the Company')
2. The Company was incorporated under the Companies Act, as a public company limited by shares, on 29th September 1981 to carry on the business of manufacturers, blenders, processors and packers of tea in tea bags and other packets and other containers and to buy, sell deal in and export all kinds of tea and tea products. One Shri K. T. Thomas approached the KSIDC with the proposal and KSIDC agreed to associate with him. Ext. P-1 promotional agreement was executed on 14th November 1979. Cost of the project was estimated at Rs. 60 lakhs out of which Rs. 20 lakhs was to be met by way of share capital and Rs. 35 lakhs to be raised by way of term loans and the balance by subsidy from Government. The equity share capital in the Company to be promoted was KSIDC 26 per cent, the joint promoter K. T. Thomas 25 per cent and the balance by public and financial institutions. The agreement provided that the nominee of K. T. Thomas should be the Managing Director and K. T. T
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