Judgment

SARKAR, J. : Dadoba Tukaram Thakoor carried on a business under the name and style of Oriental Metal Pressing Works. On May 26, 1955, a private company was incorporated under the name of Oriental Metal Pressing works Ltd., hereafter called the Company, to take over the aforesaid business. On July 7, 1955, Dadoba transferred his business to the Company. On the same date, an agreement was made between him and the Company by which he was appointed the managing director of the Company for life and was given the power "by deed inter vivos or by will or codicil to appoint any person to be a managing director in his place and stead . Regulation 109 of the articles of the Company reproduced these provisions. The shareholders of the Company were Dadoba, his brother, the respondent Bhaskar, and his two sons, the appellant Govind and the respondent Harish, of whom the first three were the directors, Dadoba being the managing director. This constitution of the Company continued till Dadoba s death on January 14, 1957.

2. Dadoba had died leaving a will whereby he purported to appoint the appellant Govind the managing director of the Company in his place from the date of his death. Short