DHELAKHAT TEA CO LTD Vs. STATE

JUDGEMENT

(1.) This is an application on behalf of Messrs. Mukherjee Brothers of No. 9, Royal Exchange Place, Calcutta, for an order that the Share Register of the Company Dhelakhat Tea Co. Ltd., be rectified by deleting the name of Matadis Khaitan and by substituting the name of Nandalal Srimani as the holder of 100 shares in the said company bearing Nos. 41.015-41114.

(2.) The application is opposed by respondents Rabindra Nath Ghosh and Chaya Ghosh and by the respondent B. M. Garg and Co. The other respondents except Dhelakhat Tea Co. Ltd. have not appeared in answer to the summons. The company submits that it will abide by any order that may be made on this application.

(3.) Now, these shares are disputed shares in respect of which there are many claims. On August 29, 1951, they were registered in the name of the respondent No. 1, - Rabindra Nath Ghosh. In November 1953, the respondent Rabindra Nath Ghosh and the respondent Chaya Ghosh borrowed a sum of about Rs. 4,000/- from respondent B. M. Garg and Co. Stock brokers, and, as security for due repayment of the said loan, respondent Rabindra Nath Ghosh made over to B. M. Garg and Co. the share certificates relating to those shares and also other shares together with blank transfer deeds duly signed by him. On January 19, 1954, respondent B. M. Garg and Co. in their turn borrowed a sum of Rs. 2,000/- from respondent Murlidhar Santhalia, another stock broker by pledging the said shares with respondent Murlidhar Santhalia and by making over to him the share certificates and the blank transfer deeds. It is said that on March 26, 1954 respondent Murlidhar Santhalja called upon B. M. Garg and Co. to repay the loan whereupon respondent B. M. Garg and Co., requested Murlidhar Santhalia to wait for a few months. Without any further notice by Murlidhar Santhalia it appears that Murlidhar Santhalia sold and delivered those shares to Sewduttrai Rambullay and Sons, another firm of stock brokers. On October 18, 1954, there were a number of transactions in respect of these shares. Sewduttrai Rambullav and Sons sold them to G. M. Pyna. stock brokers, who in their turn sold them to G. K. Dhar and Sons, stock brokers, who in their turn sold them to Khandel-wal and Bros, stock brokers. Thereafter on November 1, 1954, Khandelwal and Broe. sold and delivered these shares to the Bank of Baroda Ltd. in the account of their constituent, H. N. Mukherjee. On January 25, 1954, the Bank of Baroda sold and delivered the said shares to P. Ganguly and Co., Stock brokers, who in their turn sold them again to R. K. Jaicika and Sons, stock brokers. Then on February 1, 1955, R. K. Jaidka and Sons sold and delivered the said shares to respondent Matadin Khaitan, stock brokers. On, February 5, 1955, on the application of the respondent Matadin Khaitan, these shares were registered by the company in Matadin's name.