Lord Radcliffe.:-

These are consolidated appeals from two decrees of the High Court of Judicature at Bombay dated 8th November 1943. The first of these decrees reversed a judgment against the respondent the State of Gondal in favour of the present appellants which had been given on 15th January 1943, by the High Court in its ordinary original civil jurisdiction : the second decree dismissed an appeal by these appellants from the same judgment in so far as it rejected their claim in the suit against respondents 2 and 3.

2. The facts out of which the litigation arises are simple and they have produced no material divergence of view in the Courts in India. The real question is how the law should be applied to those facts. All that it is necessary to notice may be briefly set out as follows. On 1st October 1926, a limited company called The Currimbhoy Mills Co. Ltd., executed a debenture trust deed mortgaging two mills known as the Currimbhoy Mill and the Mahomedbhoy Mill together with certain plant thereon to trustees for debenture holders to secure an issue of debentures. Respondents 2 and 3 (whom it will be convenient to refer to as "the Trustees") were two of the trustees acting unde