ASHIM KUMAR BANERJEE, J:

The respondent in the appeal were members of a Joint Hindu Family, inter alia, known as Khaitan Family. They were also controlling various closely held companies registered under the provisions of the Companies Act, 1956. Disputes and differences arose between the Khaitans. To resolve the dispute amongst themselves they approached Mr. Madan Lal Periwal, the appellant no. 1 abovenamed, a common friend and well-wisher to the said family. Memorandum of Understanding was executed by and between the parties. It was agreed that Shri Periwal in consultation with one Mr. Govind Kanoria would resolve the disputes between the Khaitans. The Khaitans were divided in four groups as would appear from the said Memorandum of Understanding appearing at pages 32-33 of the Paper Book. Accordingly Shri Periwal started to resolve the disputes between the parties. As a process of mediation the groups sold their shares in two companies namely Salimbong Tea Company Limited and Seeyok Tea Company Limited and deposited the sale proceeds with M/s Hazarmal Laxminarayan, a partnership firm under the control and management of Shri Pariwal. It was agreed by and between the partie