DIPAK KUMAR SEN, J.

( 1 ) DEBENDRA Nath Bhattacharya, since deceased, and Deb Kanta Roy were the promoters of Gluco Series P. Ltd. (hereafter referred to as "the company") which was incorporated on November 11, 1959. At the incorporation of the company, Debendra subscribed for 1,000 shares and Deb Kanta subscribed for 200 shares of Rs. 100 each.

( 2 ) THE main object of the company is to manufacture and sell glucose of various types.

( 3 ) THE articles of association of the company provide, inter alia, as follows:"article 7. . . . the company shall be entitled to treat the registered holder of any share as the absolute owner thereof and accordingly shall not, except as ordered by a court of competent jurisdiction or as by statute required, be bound to recognise any benami, equitable or other claim to/or interest in such share on the part of any other person. Article 29.--Number of directors shall not be less than two and more than seven until otherwise determined by general meeting. Article 30.--The first directors of the company are-- (a) Sri D. N. Bhattacharjee (b) Sri D. K. Roy. The first directors of the company shall be permanent directors and shall not be subject to retire

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