FAZAL D ALLANA Vs. MANGALDAS MPAKVASA

JUDGEMENT

(1.) The plaintiff is a partner in the firm of Allana, Sons & Co. Up to 19 January 1921 Ebrahim Fazal, Boga, and Anveri were carrying on business in partnership in the old Bombay Share Market as share and stuck brokers. Ebrahim Fazal was a member of the Native Stock and Share Brokers Association and the card issued by the said Association stood in the name of Ebrahim Fazal. In October 1920 the plaintiff employed the said firm of brokers, whom I shall hereafter refer to as the brokers to transact share business for his firm of Allana, Dossa to Co. The plaintiff in October 1920 through the brokers bought twenty-five Central India Mills shares for October 1920 eettlement at Rs. 4,800 per share and sold twenty- five. Central India Mills shares for Moorat (November) settlement at Rs. 4,860 per share according to the rules and regulations of the Native Stock and Share Brokers Association for his firm of Allana, Dossa & Co The twenty-five shares bought for October settlement were for the sake of convenience transferred to the plaintiff's name in the books of the Central India Mills Co. and the firm of Allana, Dossa & Co. paid to the brokers Rs. 1,20,000 being the price of the said shares.

(2.) At the time of the November settlement, plaintiff delivered five out of the said twenty-five shares and received from the brokers payment of the price at which the said five shares were sold At the same time the plaintiff through the brokers carried over the remaining twenty shares to the next settlement, i. e.(he bought twenty shares for the Moorat (November) settlement at Rs. 4,600 and sold the same number of shares for December 1920 settletment at Rs. 4646 according to the rules and regulations of the Share and Stock Brokers Association (see Exh. H.)

(3.) In the mon December, 1920, the plaintiff through the brokers budlied nineteen shares of the Central India Mills, i. e, he bought nineteen shares for December 1020 settlement and sold the same number of shares for January 1921 settlement according to the rules and regulations of the Native Stock and Share Brokers Association.