Sinha, J. - (1.) The facts in this case are shortly as follows: The petitioner is a company incorporated in India under the Indian Companies Act, 1956, and has its registered office situate in Calcutta. In 1954, the petitioner came to have exclusive right to exploit some 700 sq. miles of forests in North Andamans from the Government of India. In order to carry out the exploitation, it was found necessary for the company to charier a ship for carrying timber from the Andamans to Indian ports. By a charterparty dated August 25, 1934, executed in London, the petitioner company chartered from Messrs. Newland Steamship Co. Ltd. of Hongkong, a vessel called "Eastern Venture". On terms and conditions contained in the said charterparty. Thy charter was in the standard form known as the 'Uniform Time Charter', whereby the owners let and the company hired the said vessel for a period of six months in the first instance. The charterparty agreement was renewed from time to time. A copy of the charterparty agreement is annexed to the petition and marked with the letter 'A'. The clauses in the said charterparty agreement, which are important for our purposes arc set out below: "6. The charterers to pay as hire: 16s. (sixteen shillings) per ton on vessel's deadweight of 5,250 tons, per 30 days commencing in accordance with Clause (1) until her re-delivery to the owners. Payment of hire to be made in cash, in Calcutta, without discount, every 30 days in advance....... 14. The charterers or their agents to advance to the master, if required, necessary funds for ordinary disbursements for the vessel's account at any port, charging only interest at 6 per cent, per annum, such advances to be deducted from hire. 25. The owners to pay a commission of 3 per cent, to Clegg, Cruickshank and Co. Ltd., Calcutta, also 1-1/2 per cent, to Harris and Dixon and a brokerage of 1 per cent, to Lambert Bros., Ltd., on any hire paid under the charter........"
(2.) On or about the 25th August, 1954, the parties agreed to a variation of the terms, and clause 26 was introduced which is as follows:-- "26. Hire in accordance with clause 6 to be payable by telegraphic transfer to London; charterers' application for exchange control; approval for such telegraphic transfer to be filed with bank by the due date." By a sixth addendum dated the 5th September, 1955, the payment of hire was made payable in cash in London or Hongkong.
(3.) It is alleged that sometime in December 1955, the vessel was sold by the owners to Messrs. Pan Norse Steamship Co. of Panama. The petitioner however has not produced sufficient evidence of the transfer before the Income-tax authorities and this application has proceeded on the footing that the original charterparty agreement is in force.;