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MATTER OF SHANKAR GUPTA v. TECH GEM CORPORATION

38 A.D.3d 445 (2007)

834 N.Y.S.2d 23

In the Matter of SHIV SHANKAR GUPTA for the Dissolution of RADIANT GEMS & MINERALS, INC. RADIANT GEMS & MINERALS, INC., Respondent, v. TECH GEM CORPORATION et al., Appellants.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided March 27, 2007.

The judgment represented 70% of the value of plaintiff corporation, the other 30% owned by Mahesh Gupta. In so ruling, the referee found no basis for defendants' claim to an ownership interest in three independent foreign corporations formed by Mahesh Gupta (Radiant Gems Thailand, Universal of Hong Kong and Radiant Brazil). The referee further found that Mahesh Gupta had not taken an excessive salary, breached a fiduciary duty or usurped corporate opportunities, and there...

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