Judgement

MAHAJAN, J. :

These appeals, though they arise out of two different suits, 336 of 1945 and 786 of 1148, can be disposed of by a common judgment, as both these suits were instituted in effect to obtain the same relief.

2. In July 1944 a struggle commenced between the group of Sir Padampat Singhania and the group of Shri Maneklal Prem Chand for control of the management of the Bombay Life Assurance Co. Ltd. and there was a race for the acquisition of the shares of the company between the two groups. Sir Padampat, the appellant in Civil Appeal No. 54 of 1950, and respondent in the cross appeal No. 53 of 1950, on 25-7-1944 purchased through Shri P. N. Gupta, his Bombay agent, 667 shares of the company, 484 out of which belonged to Mr. Reddy, the appellant in C. A. No. 53 of 1950 and respondent in Civil Appeal No. 54 of 1950.This deal was made on his behalf by a firm of share and stock-brokers Bhaidas Gulabdas. The shares were sold at the rate of Rs. 300 per share. On the 29th July Gupta executed a receipt in favour of Bhaidas Gulabdas acknowledging the receipt of these shares, while Bhaidas Gulabdas as constituted attorneys of Mr. Reddy executed five blank transfer forms in re