Judgement

Appeal (No. 139 of 1923) from a decree of the High Court (September 6, 1921) affirming an order of the Subordinate Judge of Ahmedabad made in execution proceedings of a decree for redemption of shares in a limited company pledged or mortgaged by the present respondent.

The facts appear from the judgment of the Judicial Committee.

1924. Oct. 31. De Gruyther K.C., and E. B. Raikes for the appellants. The Court had no power under

s. 47 of the Code to entertain the application so far as it related to the "B” shares. These shares were not claimed in the plaint, nor were they covered by the decree. The word "issues" in the decree refers to the sub-shares existing at the date of the pledge. The "B" shares cannot be regarded as a capitalization of profits. Further, having regard to the interest of Bai Gulab under the agreement of 1883 in the profits of the company the rights of the parties could not properly be adjudicated in execution proceedings. [Reference was made to Bouch v. Sproule (( 1887) 12 App. Cas. 385.) and In re Piercy. ([ 1907] 1 Ch. 289, 294.)]

Sir George Lowndes and Parikh for the respondents. The mortgagee cannot set up the rights of a third party against the mor