OMANA Vs. RAVEENDRAN

JUDGEMENT

(1.) Plaintiffs in a suit for declaration of shares in the firm, rendition of accounts, evolving a scheme and consequential reliefs are the appellants.

(2.) One Neelakantan and Krishnan-two bothers - acquired the plaint schedule land and started a tile factory there in 1950. They invested in equal shares and they were sharing the profits equally. On 9-3-1957 Neelakantan died. Karthiyayani, plaintiffs 1, 3 and 4 and the defendants are the widow and children of Neelakantan. On 12-8-1957, the widow and children of Neelakantan and Krishnan together entered into a partnership agreement (Ext.A1) stipulating the terms and conditions under which the business is to be run. The business was being carried on under the provisions of Ext. Al and share of profits taken by the parties. Krishnan was to be the manager during his life time as per the terms of Ext. Al. Krishnan died leaving behind his widow Ammakunju and son Sugathan. They, on 28-12-1981 assigned (Ext.A2) their share in the partnership business in favour of defendants 2 and 3. Subsequent to that, on 26-4-1983, plaintiffs 1, 3 and 4 took assignment (Ext.A3) of the shares of Karthiyayani and Mohanan - the widow and one of the sons of deceased Neelakantan. On the plea that the business is being mismanaged and assets misappropriated by the second defendant, the suit has been instituted for a declaration of the plaintiffs' shares and other reliefs as mentioned earlier. The plaintiffs have another claim that Ext.A2 taken by defendants 2 and 3 enures to the benefit of the firm and so, the plaintiffs 1, 3 and 4 are claiming 3/7 share in the partnership business. They want to get the accounts rendered and a scheme evolved for the proper running of the firm in future;

(3.) Defendants 2 and 3 contest the case and according to their contentions, the suit is not maintainable by virtue of S.69 of the Indian Partnership Act, that Ext. A2 enures to the benefit of defendants 2 and 3 alone, that there is no mismanagement and that the plaintiffs are not entitled to any reliefs prayed for.