RADHA BAGREE Vs. GHANSHYAM BAGREE

JUDGEMENT

(1.) BACKDROP:

(2.) Mr. Sourav Mukherjee learned Counsel advanced his argument on behalf of the appellants in APO No. 173 of 2012. Mr. Mukherjee would contend, Krishna Kumar admittedly owned 170 shares that could not be disposed of by the Joint Receivers. At best, the Joint Receivers could make a money claim for the said shares at the rate of Rs.1500 per share as agreed by between the parties so recorded in the Terms of Settlement. Pertinent to note, the parties entered into settlement in 1974 when a proceeding initiated under Section 397 and 398 of the Companies Act, 1956 relating to Bagree Estate Private Limited was settled. Clause 4 and 6 being relevant herein are quoted below:

(3.) Per contra, Mr. Mainak Bose the learned Counsel representing the Gordhan Das group contended, the Terms of Settlement so recorded in the Section 397 proceeding was performed in part and the parties subsequently deviated from the same and agreed to have all shares sold by the Joint Receivers and the proceeds distributed amongst the parties according to their respective share. He referred to the minutes of the meeting held by the Joint Receivers to show Krishna Kumar during his life time agreed to have the 170 shares sold. Subsequently Jamini Devi, the widow died and her 50 shares would also come to the hotchpot. No step was taken to sell the shares. Hence, direction was necessary to dispose of the same at the earliest. The learned Judge was right in giving such direction. He referred to the affidavit of Krishna Kumar filed in the proceeding during his life time particularly paragraph 6(q) which is quoted below: