Dipak Kumar Sen, J. - (1.) Bengal Tea & Industries Limited, the appellant no. 1, incorporated on the 29th May 1950 in the name Bengal Tea Co. Limited is an existing company within the meaning of the Companies Act, 1956. The authorised share capital of the appellant no. 1 is Rs. 1 crore divided into 1,00,000 equity shares of Rs. 100/- each. The issued, subscribed and paid up capital of the appellant no. 1 is Rs.75,46,800/- divided into 75,468 fully paid up equity shares of Rs. 100/- each.
(2.) The objects for which the appellant no. 1 was incorporated as appearing from its Memorandum of Association are, inter alia, to carry on the business of growers, cultivators, producers, planters, blenders, buyers, sellers, exporters, importers of and dealers in Tea, Coffee and other specified products.
(3.) Presently the appellant no. 1 is engaged in the business of cultivating, manufacturing and processing tea and manufacturing textiles.;