- (1.) This appeal is directed against the judgment and decree dated May 23, 2003 passed in Suit No.994 of 1959. By virtue of the impugned judgment, the learned Trial Judge directed the Maharaja of Burdwan and his legal heirs and representatives to execute deed of conveyance in accordance with the decree dated May 5, 1959 passed in Suit No.2972 of 1953 (in re: Murlidhar Saraf vs. Maharaja Adhiraj Bahadur) in respect of Tiretta Bazar Property lying and situated at Premises No.22 (also known as 22B), Rabindra Sarani, Kolkata in favour of Ramawatar Saraf (HUF), Sanjay Saraf (HUF), Rishi Kumar Acharya, Jugal Kishore Jajodia (HUF), Mannalal Jajodia (HUF), Kisher Deo Jajodia (HUF) and Sanwarmal Jajodia (HUF) within a period of 3 months , in default, the Registrar, High Court, Calcutta was directed to execute necessary conveyance. M/s. Orr. Dignam & Co. was also directed to hand over the amount of Rs.2,50,000/- and Rs.3,00,000/- the amounts so deposited with them in terms of order dated December 17, 1962 with accrued interest thereupon to Maharaja of Burdwan and/or his legal heirs and legal representatives towards full and final payment of the price of the above property.
(2.) This matter has a chequered history which is discussed in a nutshell as follows: On February 14, 1948, Maharaja of Burdwan granted lease in respect of premises No.12, Lower Chitpur Road, Calcutta now known as Tiretta Bazar Property lying and situated at premises No.22 (also known as 22B) Rabindra Sarani, Kolkata (hereinafter referred to as the suit property) in favour of Shree Ganesh Properties (P) Ltd. for a term of 66 years with an option for extension for a further period of 33 years. The initial period of the above lease would expire on February 14, 2014. At the material point of time, shareholding in Shree Ganesh Properties (P) Ltd. was held by three groups of shareholders, namely, Jajodia group, Saraf group and the Acharya group.
(3.) By virtue of an agreement for sale dated October 22, 1952, the Maharaja of Burdwan agreed to sell the suit property to Sri Murlidhar Saraf, the predecessor-in-interest of the Saraf Group. By the above agreement, the Maharaja of Burdwan was also agreed to sell premises No.57, Clive Street to one Anandilal Poddar. A suit being No.2972 of 1953 was filed by the aforesaid Murlidhar Saraf and Anandilal Poddar against Maharaja of Burdwan for specific performance of the above agreement. On January 13, 1953, Jugal Kishore Jajodia and Mannalal Jajodia on the one hand and Murlidhar Saraf on the other hand entered into an agreement for purchasing and/or permanent lease of the suit property upon payment of Rs.5,50,000/- and the proportionate annual rent and/or charge payable under the agreement dated October 22, 1952. It was also agreed between the Jojodias and Sarafs that they would have 50 per cent share and whatever amount was invested would carry interest at the rate of 9 per cent as also they should bear profit and loss in the above transaction at the rate of 50 per cent.;