R.Pal, J. - (1.) This appeal arises out of questions answered on an originating summons filed by the respondents Nos.1 and 2 as executors of the will of Dharam Singh Suraiya (referred to as the deceased). The testator was the owner of several immoveable properties and moveable properties including shares in Food Specialities Private Limited and Suraiya Brothers Private Limited. Prior to his death the testator executed a will on 13th September 1971 at Bangalore appointing the respondents Nos.1 and 2 as well as one Vijay Merchant as executors of his will. After the testator's death on 4th July 1972, the respondent Nos.1 and 2 applied and obtained probate from this court in respect of the Will. The testator bequeathed several immoveable properties to named legatees. One of the properties was the house and grounds at No.40, East End Road, and Bangalore known as Rita Bhavan. This property was bequeathed to Sm. Grace Shanthappa, the respondent No.3 herein. The testator also bequeathed the shares to named legatees in this language "I have benequath the following specific legacies to the under mentioned for their sole use and benefits". In making these bequests the testator named the quality of the shares, the company and the legatees in respect of Suraiya Brothers Private Limited as well as Food Specialities Limited. There were 38 recipients of the shares of which 250 shares in Food Specialities Private Limited were given to Sudhir Asher (the appellant No.1 herein), 250 shares in Food Specialities Private Limited were given to Usha Asher (now Usha Sampat, the appellant No.2), and 1500 shares of Food Specialities Private Limited were given to Grace Shanthappa.
(2.) The will went on to state, "after payment of the aforesaid legacies, testamentary dues and debts whatsoever I give bequeath the rest and residue of my estate unto Miss Anita Suraiya (Minor)". Direction was also given to the executor in connection with the legacies of Anita Suraiya until the minor attained the age of 18 years.
(3.) The originating summons, which was taken out by two of the three executors before this court on 20th July 1983 was for determination of the following questions: "(a) Whether bequest of the shares in Food Specialities (P) Ltd., made under the will of Dharam Singh Suriaya deceased above named in favour of the defendants. (Except the defendant No.16) is: (i) a specific legacy, or (ii) a general legacy, or (iii) a demonstrative legacy In the facts and circumstances of the case. (b) Whether the executors above named are justified in utilising the divided income of the said shares of the Food Specialities (P) Ltd. for the management/administration of the estate of Dharam Singh Suraiya, deceased above named, in the facts and circumstances of the case as stated in paragraph 13 of the affidavit affirmed by the plaintiffs on 13th day of July, 1983. (c) Whether the executors above named are justified in assigning/transferring the option to purchase the said right shares against 6000 shares in the said Food Specialities (P) Ltd. to Messer's. Stewart & Co. as stated in paragraph 9 of the said affidavit. (d) (i)Where the executors can retain the equity shares and/or right shares and/or bonus shares in the said Food Specialities (P) Ltd. and any accretion thereto in due course of administration of the estate of the deceased until the same being complete in the facts and circumstances of the case as stated in paragraph 15 of the said affidavit. (d) (ii)If not, in what manner the said shares may be distributed by the executors. (e) In the event, this Hon'ble Court holds that the bequests of the said shares in the Food Specialities Limited, made under the will of the said Dharam Singh Suraiya deceased is a demonstrative legacy, whether such legacy and accretions thereto, if any, are liable to meet the general costs of administration by the executors at the first instance. (f) If the Hon'ble Court holds that the said bequest is a specific legacy then in what event whether any subsequent issue of right or bonus shares in respect of the shares holding in Food Specialities (P) Ltd., as stated above be treated as specific legacy.";