RANCHHODDAS SHAMJI KHIRANI Vs. RAMCHANDRA RAO MORESHWAR KARKARE

JUDGEMENT

(1.) CIVIL Revisions Nos. 60 of 1961 and 61 of 1961, are being disposed of by a single order, because the point for consideration is common to both.

(2.) THE short facts of the case are that applicant Ranchhoddas bought some shares of Brihan Maharashtra Sugar Syndicate Ltd. Poona from R. M. Karkare (nonpetitioner in Revision No. 60 of 1961) and N. V. Godbole (non-petitioner in revision No. 61 of 1961), and paid the price of shares to the non-petitioners. On the refusal of the Syndicate to transfer the shares in the purchaser's name, the purchaser (who is the petitioner in both the revisions) filed a Suit No. 55 of 1959 in the Court of the Civil Judge Poona, praying that the Sugar Syndicate be directed to enter the name of the plaintiff-purchaser as a share-holder, to strike the names of the non-petitioners from whom the shares have been purchased and thus rectify the Register of the Syndicate. The plaintiff (who is a petitioner in this case)also asked for damages for the wrongful refusal of the Syndicate to substitute the plaintiff's name in the Register.

(3.) APART from filing the above suit in Poona, the plaintiff-petitioner filed two suits no. 65 of 1960 and No. 98 of 1960 against the sellers of the shares in Gwalior, on the allegation that even after receiving the price of shares from the petitioner plaintiff, they have been receiving dividends of the shares from the Company (because the Company refused to transfer the shares to the plaintiff) that it be declared that the sellers of the shares (who have received the price of the shares from the plaintiff) are the plaintiff's trustees in respect of the dividends they have received, that they be ordered to give to the plaintiffs the amount of dividends they so received etc. These two suits that have been filed in Gwalior, were stayed by the Civil Judge Second Class under Section 10 of the Civil Procedure Code till the decision of the Poona case. The two revisions have been filed against the stay order passed by the lower Court.