BACHAWAT, J. - (1.) THIS is an application to revoke an order of reference in these suits and to set aside and declare invalid an award made by the arbitrator to whom the disputes in these suits were referred for arbitration.
(2.) THE central figures in this litigation are Nanda Kishore Jhajharia and Jagannath Agar -walla. They were directors of and in control of various limited companies including the International Mercantile Corporation (India) Ltd. They also carried on a co -partnership business under the name and style Agarwalla -Jhajharia & Company which had its head office at No. 370 Upper Chitpore Road as exporters, importersand general merchants. There is relationship by marriage between Nandkishore and Karnlaprosad who is son of Jagannath Agarwala. The wives of Nandkishore and Kamalaprosad are sisters.
(3.) THE relationship between Nandkishore and Jagannath is strained since the latter part of 1960. There are serious disputes between them, with regard to various matters. The most serious dispute which precipitated litigation between them relates to a holding of 42200 shares in Ryam Sugar Co., Ltd. Nandkishore Jhajharia purchased and obtained delivery of these shares from Gaya Sugar Mills Ltd. during the second and third week of January 1950. On or about 21 -1 -1950, 37,900 shares were registered in the name of International Mercantile Corporation (India) Ltd. (hereinafter referred to as the company). It is said that the balance of 4,300 shares also with blank transfer deeds were delivered to the company by Nandkishore Jhajharia. The case of Nandkishore Jhajharia is that the company was really his benamidar and that the name of the company was utilized by him for his own purposes. The case of the company is that the shares were transferred by Nandkishore Jhajharia to the company for a sum of Rs. 11,39,400/ - in part liquidation of a much larger deot due to the company from Nandkishore Jhajharia.;