ASHOK KRIPLANI Vs. SHIVA TEXYARN LTD

JUDGEMENT

(1.) By this petition, filed under Article 227 of the Constitution of India the defendant in the suit impugns the order of the trial court dated 1.10.2013 which has refused to allow the amendment of the counter-claim so as to convert the expression 'pledge of the shares' into 'mortgage of the shares'.

(2.) On behalf of the petitioner/defendant it is argued before this Court that if the shares are given as security as mortgage, then, the security of the mortgaged shares results in the shares becoming an immovable property.

(3.) In support of the arguments that the shares become immovable property when given as a mortgage, reliance is placed upon a Division Bench judgment of Andhra Pradesh High Court in the case of Shatzadi Begum Saheba and others Vs. Girdharilal Sanghi and others, 1976 AIR(AP) 273