S.C. Sen, J. - (1.) This case arises out of an award made by Shri Brij Mohan Birla in an arbitration proceeding. The award was made on 25th May, 1967 and was in the following terms : WHEREAS I, Brij Mohan Birla, was appointed sole arbitrator in terms of the above arbitration agreement and whereas I duly entered upon the arbitration and whereas after various legal proceedings between the parties to the arbitration proceedings ultimately by an order made by the Supreme Court of India in Civil Appeal No. 271 of 1966 between Mangturam Jaipuria vs. Shilvanti Devi Jaipuria & Ors., I was empowered to make my award by the 25th May, 1967 and whereas I have duly considered the various statements, counter statements and statements in reply filed by the parties, books, and documents produced before me; and the submissions made before me; I do hereby made my award as follows : - 1. I award and direct that Shri Mangturam Jaipuria, Shri Sitaram Jaipuria, Shri Rajaram Jaipuria, Sm. Jamuna Devi Jaipuria, Sm. Gayatri Devi Jaipuria and Smt. Suniti Devi Jaipuria will jointly and severally pay to the persons mentioned in Column I of the First Schedule hereto the amounts respectively mentioned against their names in the column II of the said Schedule with interest thereon at the rate of 7 and 1/2 per annum from the date hereof until payment.
(2.) I further award and direct that Shri Mangturam Jaipuria, Shri Sitaram Jaipuria, Shri Rajaram Jaipuria, Smt. Jamuna Devi Jaipuria, Smt. Gayatri Devi Jaipuria and Smt. Suniti Devi Jaipuria will jointly and severally pay to the persons mentioned in Column I of the second Schedule hereto to the amounts respectively mentioned against their name in Column II of the said Schedule with interest thereon respectively at the rate of 7 and 1/2 per annum from the date hereof until payment.
(3.) I declare that all the assets (including all the ordinary shares of Swadeshi Cotton Mills Co. Ltd. of the film of Messrs. Anandram Gajadhar and all its branches shall belong to Shri Mangturam Jaipuria, Shri Sitaram Jaipuria and Shri Rajaram Jaipuria absolutely. As regards preferred Ordinary Shares of Swadeshi Cotton Mills Co. Ltd. the same will belong to the respective parties in whose name the same stand transferred and registered. The aforesaid Shri Mangnturam Jaipuria, Shri Sitaram Jaipuria and Shri Rajaram Jaipuria will meet all liabilities (except tax liabilities) of Messrs. Anandram Gajadhar and its branches and keep the parties to the above arbitration agreement fully identified against any action, demand of proceedings in respect thereof. As regards tax liabilities, the parties will respectively meet the same in accordance with their liabilities according to the visions of Income Tax laws concerning the same.;