Das, J.

1. This is an appeal from order No. 96 dated 22-1-1954 made by a learned single Judge of this Court in Companies Act Case No. 3 of 1951. The order was made on two petitions filed in the said case, one by Mr. Arjun Prasad and the other by his father Lala Gurusharan Lal, his mother Srimati Pankaj Devi, and his wife Srimati Madhurbhashini Devi.

2. The aforesaid four persons held a large number of shares in the Gaya Sugar Mills, Limited. Sometime in 1947, four thousand seven hundred, and seventy-six shares of Rs. 100 each and thirty-three thousand one hundred and forty shares of Rs. 10 each of the Gaya Sugar Mills, Limited in the names of the aforesaid four persons were deposited by Lala Gurasharan Lal with the Central Bank of India as security for payment of a debt of Rs. 8,83,000.00 and odd.

At the time of the deposit, Messrs. Arjun Prasad and Lala Gurusharan Lal & the two ladies executed transfers in blank in favour of the Central Bank. On 16-5-1951 there was an application for winding up, and on, 14-11-51 was an order for winding up of the Gaya Sugar Mills, Limited.On 29-7-1952, the Central Bank of India, Limited, wrote to Lala Gurusharan Lal to the effect that the