DEVADHAR J. P. , J.

( 1 ) WHERE the shares of a company are held jointly, whether a power of attorney executed by the first holder empowering a specified person to vote in respect of the shares held jointly is valid and whether a power of attorney is a proxy are the main issues raised in this appeal. The chairman presiding over the 28th Annual General Meeting of the appellant no. 1 company ruled that the votes cast by the power of attorney holder in respect of shares held jointly are invalid because, firstly, the power of attorney is executed by the first holder only and not by both the joint shareholders and secondly, the votes cast were in excess of the number of shares set out in the power of attorneys. The learned company Judge reversing the ruling of the chairman held that the power of attorney executed by the first holder is valid. The learned Company Judge held that the power of attorney is a proxy and that the votes cast by the power of attorney holder to the extent of the number of shares specified in the power of attorney are valid. Hence this appeal.

( 2 ) THE appellants are the original respondent Nos. 1, 2 and 4. The respondent Nos. 1 to 7 are the original app