( 1 ) THIS is an appeal from an order of P. B. Mukharji, J. dated the 1,5th June, 1959 dismissing an application for confirmation of certain alterations in the object clauses of the Memorandum of Association of a company known as Mahaluxmi Bank Ltd.

( 2 ) THE appellant company was incorporated under the Indian Companies Act in 1910 as a company limited by shares to carry on inter alia the business of banking. On 27th February, 1950 by an order made by this Court a scheme of arrangement between the company and its creditors was sanctioned and by the said order the company was prohibited from receiving further deposits or to function as a bank until further orders from the Reserve Bank of India. The relevant portion of that order read as follows:"and it is further ordered that the said company shall not be entitled to receive further deposits or to function as a Bank until the Reserve Bank of India permits the said Bank to do so. "by a letter dated 20th August, 1953 the company applied to the Reserve Bank of India for permis sion to carry on non-banking business. The Reserve Bank of India by its letter dated the 27th August 1953, stated that if the company desired to