P.B.Mukharji, J. - (1.) This is an application by the plaintiff for an injunction to restrain the first defendant, Fort Gloster Jute Manufacturing Company Ltd., from acting upon and communicating to the Central Government the resolutions purported to have been passed in the meeting of the defendant Company, Port Gloster Jute Manufacturing Company, Ltd., held on 16-3-1954.
(2.) The tussle is over- the Managing Agency of this Company. The main issue in this controversy relates to the transfer by sale of the total interest of ordinary share-holders in Kettlewell Sullen & Co. Ltd., the present Managing Agents, to Messrs. Mugneeram Bangur & Co. Kettlewell Sullen & Co. Ltd., has been the Managing Agent of the defendant Company for a long time. Some share-holders are in favour of such sale of the shares of Kettlewell Bullen & Co. Ltd., and others against it. There are allegations that they are being sold at a fabulous price which allegations are denied. Rivalry between Lala Lakshmipat Singhania and Messrs. Mugneeram Bangur & Co. is alleged to be the main motive of these proceedings.
(3.) At the moment the present controversy relates to a meeting of the share-holders where it was decided that such transfer should be made. The actual resolution before the Company was: "That the proposed sale of the 100 per cent. interest of the ordinary share-holders in Kettle-well Bullen & Co. Ltd., the Managing Agents of the Company to Messrs. Mugneeram Bangur & Co., of 7 Lyons Range, Calcutta, be and is hereby approved and that the Directors be and are hereby authorised to notify the Managing Agents of this Company's approval of such sale.";