- (1.) The plaintiffs have instituted the suit for declaration and perpetual injunction and mandatory injunction. The facts of the case made out by the plaintiffs, in brief, are as follows : The plaintiff no.1 is a registered stock/share broker and member of Calcutta Stock Exchange and carries on business under the name and style of "Kapoor Company". The plaintiff no.2 is the wife of the plaintiff no.1. On April 16, 1984, the plaintiffs purchased 330 ordinary shares of Rs.100/- each in Fag Precision Bearings Ltd. [hereinafter referred to as the defendant company] at a price of Rs.50/- each from Hindustan Commercial Bank Ltd. and obtained delivery of the respective share certificates. The Hindustan Commercial Bank Ltd. was amalgamated with Punjab National Bank with effect from December 18, 1986.
(2.) On May 11, 1984, the Punjab National Bank [hereinafter referred to as the defendant bank] lodged the share certificate bearing no. 6726 for 300 ordinary shares together with transfer deeds for registering the transfer of 330 ordinary shares in favour of the plaintiffs. The said shares are described by Distinctive No. 14611/940. On June 19, 1984, the defendant company refused to register the transfer of 330 ordinary shares on the ground that prohibitory order issued by the Income Tax Officer stands on the way of registration of transfer of shares. The plaintiffs came to learn from the Income Tax Officer [Central Circle VII], defendant no.3, that there was no prohibitory order of the defendant no.3 in connection with the present transaction. It is alleged that the defendant company illegally refused to register the transfer of 330 ordinary shares in favour of the plaintiffs and as such the plaintiffs have instituted the suit praying for declaration that the plaintiffs are the joint owners of 330 ordinary shares in the defendant company of Rs.100/- each being Distinctive No.14611/940 together with all rights and benefits attached thereto with effect from April 16, 1984. The plaintiffs have also prayed for mandatory injunction directing the defendant company to register the transfer of 330 ordinary shares of Rs.100/- each in the defendant company in favour of the plaintiffs within a period of one week from the date of the communication of the order and perpetual injunction restraining the defendant company from registering the transfer of the 330 ordinary shares in favour of anyone except the plaintiffs and other ancillary reliefs.
(3.) The defendants have cross-examined the witness of the plaintiff, but they have not filed any written statement to contest the suit and as such, no issues have been framed.;