The main legal point established in the judgment is the requirement to pay court fees on the value of the document, emphasizing the acknowledgment of debt and the distinction between the agreement and the obligation to transfer shares.

1. The application in A.No.68 of 2018 has been filed by the plaintiff to amend the correct section of law in the plaint.

2. It is the contention of the applicant that while valuing the suit, the suit was valued under section 27(c) of the Tamilnadu Court Fees and Suits Valuation Act instead of under section 25(d) of the Tamilnadu Court Fees and Suits Valuation Act. Hence, prayed for amendment to add correct section of law.

3. The application in A.No.35 of 2017 has been filed by the defendants for directing the plaintiffs to make good the deficit in payment of Court fee by properly valuing the suit under section 40 of the Tamil Nadu Court Fees and Suits Valuation Act 1955 and direct the respondents to deposit to the credit of the suit a sum of Rs.4,54,68,000/- along with interest at 21% per annum from 30.11.2013 till the date of deposit and to strike off the plaint in C.S.No.758 of 2016 on the ground of abuse of process of law.

4. In the application it is stated that the first applicant company and the second applicant firm are closely held family concerns of the applicants and they are engaged in the business of supply of iron and steel. The respondent is a building contractor and during the course of its business had purchased iron and steel from the first and second applicant company for which payments are yet to be made. That apart, the respondents have to repay various amount from the applicants in the form of unsecured loans, share application money and share investments. The respondent entered into two loan repayment agreements on 30.11.2013 with the first applicant and the second applicant and agreed to repay a sum of Rs.1,23,00,000/- and Rs.1,15,00,000/- respectively on or before 31.03.2015 and 31.03.2014 respectively along with interest at the rate of 18% per annum till the date of payment as per the agreement and in the event of default in payment as agreed, interest has to be paid at the rate of 21% per annum till the date of payment. Simultaneously, with the execution of these two loan repayment agreements, all the individual applicants had entered into a share purchase agreement dated 30.11.2013 and under which all the shares held by individual applicants in the respondent company were to be purchased by Mr.Rekesh P.Seth, the then Managing Director of the respondent company and Mr.Pananlal Chordia, the then Director of the respondent company at Rs.10/- per share, working out to Rs.2,00,00,000/-. It is their further case that the fourth applicant has paid a sum of Rs.10,00,000/- towards share application money for purchase of shares in the respondent company. However, the respondent as well as its Directors started to renege on their promises and assailed the said agreements by filing two suits before the City Civil Court, Chennai in O.S.No.7024 of 2014 and O.S.No.7025 of 2014 and sought declaration that the agreement dated 30.11.2013 entered into between the applicants and respondent are null and void. However, both the suits have been dismissed for default on 08.09.2015. Thereafter, a police complaint has also been filed by the applicants. The respondent filed a Writ Petition in W.P.No.32898 of 2014 forbearing the police from exasperating the respondent in civil disputes with the applicants and the same is pending.

5. While this was the position, after lengthy negotiations and intervention of well-wishers, the applicants and the respondent entered into a memorandum of settlement dated 10.01.2015 under which the respondent has acknowledged that it owed a sum of Rs.4,54,68,000/- to the applicants and that the parties had agreed to settle their disputes upon payment of Rs.3,30,00,000/- by the respondent to the applicant on or before 31.10.2015 vide four cheques dated 31.10.2015. The agreement further provides that upon payment of entire sum of Rs.3,30,00,000/-, the applicants shall transfer the entire shares to the respondent herein and it is once again made clear in the agreement that the transfer will be effecte