JUDGMENT

KHANNA, J.:— These two appeals on certificate by Mohatta Brothers plaintiff-firm are directed against the judgment of Gujarat High Court whereby that court reversed on appeal the judgment of the trial Court awarding a decree for recovery of Rs. 77,286/0 Anna/2 Pies in favour of the plaintiff-appellant against the respondent-company and dismissed the suit.

2. The plaintiff is a partner-ship firm doing business under the name and style of Mohatta Brothers. The plaintiff-firm carried on the business of managing agency of the defendant company up to September 4, 1950. Sometime before that date, it appears the plaintiff-firm expressed an intention of giving up the post of managing agents. On July 31, 1950 Chaturbhujdas on behalf of M/s. Chaturbhujdas Kharawala Mohatta and Co. submitted scheme Ex. 168 in consultation with the plaintiff. Paras 5, 6 and 7 of the scheme were as under:

"(5) Before our this Scheme is approved by the Company the present Directors shall submit before the Company the Balance Sheets and the Profit and Loss Account upto the end of the year 1949 and get the same passed, and they shall get the Pro forma balance sheet upto the date 31-7-50 prepared by the Audi