( 1 ) THIS is an appeal against an order whereby Ray, J. dismissed the application made by two shareholders of a company in liquidation, for setting aside of a sale under Order 21, Rule 90 of the Code of Civil Procedure. The facts are briefly as follows: Bhagawandas Kalla, Gobordhandas Kalla and Bulakidas Kalla were the owners of a piece of land measuring 5. 87 acres with structures at Lillooah (hereinafter referred to as the "said Lillooah property" ). In January, 1957 the Kalla properties and Industrial Corporation Ltd. were incorporated under the Indian Companies Act (hereinafter referred to as the "said Act" ). It is stated that one of the primary objects of the said company was to take over the said "lillooah Property" and premises No. 143/1/1, Cotton Street in Calcutta. The company had a nominal capital of rupees one crore divided into 5000 shares of 5 per cent tax free cumulative preference shares of Rs. 100 each and 9,50,000 equity shares of Rs. 10 each. The paid up capital was Rs. 28,01,010. Shyamlal Purohit is a registered holder of 47,725 ordinary shares of Rs. 10 each, 1050 preference shares of Rs. 100 each, and 12,500 deferred shares of Rs. 5 each. Kamal