MOHINI MOHAN CHAKRAVARTTY Vs. MOHANLAL THALIA

JUDGEMENT

(1.) This is an appeal from an order directing the Official Liquidator of the Bengal Textiles Association (In Liquidation) to pay the sums of Rs. 3,591/12/0 and Rs. 6,287/10/6 or the dividends already declared on two shares of the said company to the petitioners Mohanlal Thalia and Dhaliram Thalia. Notice of this application was served on the Official Liquidator of the said Bengal Textiles Association and the Official Assignee of Calcutta.

(2.) The facts leading to the making of the application are as follows: One Sriniwas Ladia carried on business in partnership with Ranglal Ladia under the name and style of "Shyamlal Sriniwas" each having eight annas share therein. The partnership firm became the holder of four shares in the Bengal Textiles Association under one scrip No. 0143/4 of the total face value of Rs. 60,000.00. The partnership stood dissolved in the year 1949 but the share scrip continued to stand in the name of the firm. The Thalias allege that Sriniwas owed a sum of Rs. 3,591/12/6 to one of themselves namely Mohanlal Thalia and Rs. 6,287/10/6 to Dhaliram Thalia. On demand being made for repayment of the sums due Sriniwas pledged and hypothecated with the Thalias his two shares in the Bengal Textiles Association by a deed dated January 14, 1954. On December 3, 1954, a petition for adjudication of Sriniwas Ladia as Karta along with members of his Hindu undivided family was presented to this Court and an order of adjudication was made on March 29, 1955. By letter dated April 15, 1957 the petitioners informed the Official Liquidator of the Bengal Textiles Association that Ranglal Ladia had not paid his share of Rs. 6,000/- in respect of the amount received from the Official Liquidator. The Official Liquidator was further requested to look into the document of the Thalias and to pay over half of any allotment which might be made thereafter. The Liquidator informed the Ladias by letter May 24, 1957 that the request could not be acceded to as he was not concerned with any loan that might have been taken by Sriniwas Ladia from them. On May 9, 1960 one N. L. Singh, Advocate, wrote to the Liquidator on behalf of the Thalias that Sriniwas Ladia had pledged his undivided share scrip to the Thalias who had become secured and registered creditors No. B, 7 and B, 8 as per adjudication order No. 25 of 1954. The addressee was requested to pay over any moneys which might be payable to Sriniwas in respect of the said shares under the terms of the deed of pledge. On May 11, 1960 the Liquidator informed the Official Assignee of the step taken by the Thalias further informing him that a sum of Rs. 2,008.81 nP. had become immediately payable to Sriniwas Ladia. Several months thereafter the Official Assignee wrote to the Official Liquidator of the Bengal Textiles Association in reply to the letter mentioned above that Sriniwas Ladia was not the only person interested in the amount payable on the shares. The petitioners contended by their petition dated June 28, 1961, that as Sriniwas was the Karta of the joint family of the Ladias he was empowered to alienate the said shares to satisfy the joint family debts and in the premises they had become entitled to receive the sums already mentioned together with interest out of the dividends which had already been declared or might be declared in future.

(3.) In the affidavit in opposition affirmed on behalf of the Official Assignee a plea is taken that unless the petitioners prove their security in a proper legal proceeding they cannot be allowed to obtain an order of the kind sought for. It is stated further that as the Bengal Textiles Association had been directed to be wound up by an order of this Court in August 1948, any pledge or hypothecation of the shares created thereafter without the sanction of the Court was void.