SABYASACHI MUKHARJI, J.

( 1 ) THIS is an application under Section 34 of the Arbitration Act, 1940, for stay of a suit. A suit has been instituted by Oriental Industrial Engineering Co. (P) Ltd. and Ghanshyamdas Rungta and Rajen-dra Prasad Rungta, two of its directors against another director Biswanath Rungta. In the suit Allahabad Bank has also been made a party. The suit mainly is on the ground that in the course of business of the plaintiff-company, namely, Oriental Industrial Engineering Co. (P) Ltd. a sum of Rupees 11,13,000/- became due and payable to the company by the Uranium Corporation of India Ltd. , a Government Company and with this amount of money the said defendant to the suit Biswanath Rungta had opened an account in the Allahabad Bank and is operating the said account acting upon certain lleged Board resolutions which are challeng- (sic) as being forged or not genuine and without authority. In essence what is being said is that the act and conduct of the defendant Biswanath Rungta were unauthorised and incorrect on behalf of the company and he should be restrained from operating or withdrawing any money deposited in the said account with the Allahabad Bank- It is

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