Ashim Kumar Banerjee, J. BACKDROP: This appeal had a checkered carrier as we find from the list of dates. Peerless General Finance and Investment Company Limited was incorporated in the year 1932 as a non-banking finance company guided by the regulations of the Reserve Bank of India. In 1979 Reserve Bank of India alleged, the business was hit by the Prize Chits and Money Circulation Schemes (Banning) Act 1979 and called upon Peerless to close its business. The business was being run by two friends namely Sri Kali Kumar Chatterjee and Sri Sunil Kanti Roy. Kali Kumar Chatterjee died in September 1979 when he was holding 520 shares in his own name and 4500 shares jointly with his wife Amiya Bala Chatterjee. Amiya Bala also held 200 shares in her own name. After the death of Kali Kumar Chatterjee, Amiya Bala became the owner of 5220 shares that was accordingly recorded in the shareholder’s register. In a settlement within the members of the Chatterjee family, Ajit Kumar Chatterjee son of Amiya Bala got 1350 shares. In July 1986, Ashish Kumar the younger brother of Ajit became a director of Peerless. In 1987 Peerless succeeded in the litigation at the Apex Court level holding