1. One Ms. Jaiwantiben Jairam Jaising passed away on 26th January, 2002 (deceased”) leaving behind her last Will and Testament dated 13th December, 1997 (“the said will”). Respondent No. 1 – Bansi Jairamdas Jaising and his son Respondent No. 2 – Ravi Bansi Jaising were the executors appointed under the said will of the deceased. The present Petition is filed by one of the beneficiaries/legatees under the said Will seeking removal/discharge/suspension of Respondent Nos. 1 and 2 as executors of the said Will in view of the facts and circumstances more particularly set out in the Petition, for appointment of another executor in place and instead of Respondent Nos. 1 and 2 and for other reliefs more particularly prayed for therein. Respondent Nos.3 to 6 are the beneficiaries / legatees under the said Will and are supporting the Petitioner.

2. Pursuant to the directions of this Court, Respondent No.1 – Bansi Jaising filed his affidavit dated 7th January, 2015, setting out details pertaining to the management of the estate of the deceased by Respondent Nos. 1 and 2 in their capacity as the executors of the last will. In the said affidavit, Respondent No. 1 – Bansi Jaising had stated that the executors had broken the fixed deposit with the HDFC Bank and had invested an amount of Rs. 2,25,00,000/- in a fixed deposit with a Company for which the estate was to receive interest at the rate of 15 per cent per annum. This Court enquired from Respondent No. 1 – Bansi Jaising as to why such a huge amount was withdrawn from the estate by breaking the fixed deposit with HDFC Bank and deposited with an unknown Company. Respondent No.1 informed the Court that he had invested the said amount with a Company by the name of Interllicon Ltd. since the promoters of the Company are his friends and have promised him interest at the rate of 15 per cent per annum on the said amount. This Court informed Respondent No. 1 that the said amount of Rs. 2,25,00,000/- be immediately withdrawn from M/s. Intellicon Pvt. Ltd. with interest accrued thereon and the same be deposited with the Prothonotary and Sr. Master of this Court. Thereupon Mr. Bansi Jaising undertook to withdraw the fixed deposit of Rs. 2,25,00,000/- from Intellicon Pvt. Ltd. with interest accrued thereon and deposit the same with the Prothonotary and Sr. Master of this Court on or before 16th January, 2015. The undertaking was accepted as recorded by this Court in its order dated 9th January, 2015. By the said order, Respondent Nos. 1 and 2 were also directed not to act as executors in respect of the estate of the deceased until further orders and the matter was adjourned to 16th January, 2015 at 3.00 p.m.

3. On 16th January, 2015, one Ms. Seema Khan was present in Court. She informed the Court that she is the representative of Intellicon Pvt. Ltd. and her Company had already transferred an amount of Rs. 75 lacs by way of RTGS to the estate account of the deceased. Ms. Khan on behalf of Intellicon Pvt. Ltd. gave an undertaking to pay on or before 30th January, 2015 the balance amount of Rs. 1,50,00,000/- inclusive of interest at the rate of 15 per cent accrued thereon upto 30th January, 2015. The undertaking was accepted. Since it was pointed out to the Court that the name of Intellicon Pvt. Ltd. was not correctly recorded in the order dated 9th January, 2015, this Court asked Ms. Seema Khan to hand over her visiting card to the Associate of this Court to which she informed the Court that she has forgotten her visiting card and is therefore unable to hand over the same to the Associate. The matter was thereafter adjourned to 30th January, 2015.

4. On 30th January, 2015, Ms. Seema Khan appeared before the Court in her purported capacity as the Operation incharge, Mumbai Branch of Intellicon Pvt. Ltd. and informed the court that the Auditors of her Company M/s. Intellicon Pvt. Ltd. have objected to the payment of the balance payment of Rs. 1,50,00,000/- along with accrued interest thereon directl