Judgment

MATHEW, J.:- This is an appeal with certificate from a judgment of a Division Bench of the Calcutta High Court, setting aside the order of a single judge of the Court allowing an application filed by the appellant for rescission of an agreement for sale dated October 30, 1956, as also the decree dated February 25, 1964, for specific performance of the agreement and for other alternative reliefs specified in the application.

2. Hungerford Investment Trust Limited (in voluntary liquidation) hereinafter called Hungerford was the owner of 100 per cent shares in Turner Morrison & Co., hereinafter called "Turner Morrison . John Geoffrey Turner and Nigel Frederic Turner, both since deceased, were the owners of the 100 per cent shares of Hungerford. The entire share capital to Turner Morrison consisted of 4,500 fully paid up ordinary shares of Rs. 1,000/- each.

3. By exchange of letters it was agreed that Haridas Mundhra, hereinafter called Mundhra; would purchase from Hundgerford, 49 per cent shares of Turner Morrison. The agreement also provided for an option to Mundhra of purchase from Hungerford, the balance of 51 per cent shares to Turner Morrison within 5 years. A formal ag