NARAYANI DEVI Vs. TAGORE COMMERCIAL CORPORATION LTD
HIGH COURT OF CALCUTTA
TAGORE COMMERCIAL CORPORATION LTD.
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Ramendra Mohan Datta, J. -
(1.)This is a suit for the recovery of a sum of Rs. 14,000/- due on account of principal and Rs. 3915/- as damages in respect of interest due and for further damages. The defendant No. 1 Tagore Commercial Corporation Ltd. has virtually closed down its business and accordingly, the plaintiff seeks to claim relief mainly against the defendant No. 2, the guarantor who is Maharaja Prabinrendra Mohan Tagore Bahadur.
(2.)A formal agreement, between the plaintiff's husband one Nagendra Lal Saha, since deceased, and the defendant company as the principal debtor and the said Maharaja Prabirendra Mohan Tagore Bahadur as the guarantor, was entered into on or about October 5, 1951.
(3.)The plaintiff's husband, the said Nagendra Lal Saha, held several shares of the face value of Rs. 40,500/- in Messrs. L. C. Saha Limited. By the said contract it was agreed, inter alia, that the plaintiff's husband will sell off his said shares in favour of the defendant No. 1 in consideration of the defendant No. 1 agreeing to pay him i.e., to Nagendra Lal Saha during his lifetime the sum of Rs. 500/- per month and after his death to pay to the plaintiff the sum of Rs. 250/- per month, month by month and every month during her natural life if she would survive her husband. By that agreement if the defendant company would fail to make the said payment then the guarantor defendant No. 2 agreed to make due payments of the said sums as aforesaid. By the said agreement Nagendra Lal Saha also agreed to surrender, relinquish, and release all his right, title and interest, claim and demand whatsoever to receive the royalty @ 150/-per month from the said Messrs. L. C. Saha Limited and agreed to sign, execute and register the formal deed surrendering, relinquishing and releasing his said right, title and interest, claim and demand whatsoever and agreed to cause all necessary parties to join in the said deed when called upon by the purchaser company to do so at its costs.
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