Judgment

SHAH, J. : Henry Gannon who was a registered holder of 2674 shares of Gannon Dunkerley and Company-a private Limited Company with its registered office in Bombay-died on May 13, 1945, having made and published a will disposing of extensive estate in the United Kingdom and in British India. The National Bank of India Ltd. obtained probate of Gannon s will in the United Kingdom and appointed the respondent James Anderson, its attorney to administer the estate in British India. Anderson applied for and obtained in India on August 14, 1946. Letters of Administration "durante absentia" to the estate of Gannon in British India. 450 out of the shares were specifically bequeathed by Gannon to certain legatees, and in the course of administration, share certificates with transfer forms duly executed were delivered to the legatees in respect of those shares and no question arises in this appeal in regard to those shares.

2. By agreement dated August 14, 1946, between the executor to the estate, the Company and one Morarka, the executor agreed to sell the remaining 2224 shares of the Company to Morarka and pursuant thereto the relevant share certificates with transfer deeds were handed