Judgment

VENKATARAMA AIYAR, J. :The appellant in Civil Appeal No. 319 of 1961, Shri S. P. Jain is the Chairman of the Board of Directors of a Company called Sahu Jain Ltd., which holds the managing agency of two companies, the Rohtas Industries Ltd. or more shortly the Rohtas, and the New Central Jute Mills Ltd. The Rohtas carry on business in the manufacture and sale of paper, and own a paper Mill at Dalmanagar in the state of Bihar. Shri Jain is the Chairman of the Board of Directors of that Company also. The New Central Jute Mills Ltd. carry on business in the manufacture and sale of jute, and own a Jute Mill at Calcutta. They also do business in the manufacture and sale of chemicals and fertilisers at Varanasi. On June .30, 1958, Shri S. P. Jain left India on a tour to the continent of Europe and on his return to thiscountry he was searched at the Palam Airport on October 1, 1958, and the following document was found in his leather attach case :-

"Deutsche Bank

Aktiengesellschalft.

Page 2 to our letter of 25th Sept, 1958, to Mr. S. P. Jain, Hotel Breidenbacher Hof. Dusseldorf.

The DM-account with limited convertibility No. 50180 of Mr. S. P. Jain has been credited in 1958, upto now,