JUDGMENT

S.B. Sinha, J. —

1. Leave granted.

C.A. No. 11574 of 2009 @ S.L.P. (C) No.17162 of 2006

2. Parmanand Patel, since deceased, was a very wealthy person. He floated several companies including the 5th respondent Company herein known as M/s. Tulsidas V. Patel Pvt. Ltd. Appellant Indu P. Patel is his widow. He also left behind his daughters, viz., Sudha A. Chowgule and Jaya P. Patel, respondent nos.1 and 2 respectively. The company has its assets consisting of shares in different companies as also immovable properties. It owns two multi-storeyed buildings known as “Kanchanjunga” and “D-Tower Building” situated at Peddar Road, Mumbai. It also owns a bungalow known as “Bella Vista” situated at the same road.

According to the plaintiffs (appellants herein), the approximate value of the assets held by the company would be about Rs.367 crores. However, according to the 1st defendant (respondent no.1 herein), the value of the properties owned by the company and its subsidiaries would be about Rs.1120 crores.

Parmanand Patel held 85% shares in the said company. The remaining 15% shares were held by Indu Patel, Sudha and Jaya in equal proportion.

Indisputably, Parmanand Patel had been