I. P. MUKERJI, J.

Facts IN BRIEF & ARGUMENTS

1. The Sardas are a business family of Kolkata. Three brothers and their family members constitute this family. The brothers are Govind, Ghanshyam Das and Jagdish. Aditya is the son of Govind. He is the second respondent in this appeal. Amit is Govind's other son, the third respondent. As will appear from the facts narrated below, the sons had a large part to play in the family business dispute.

2. There is a large tract of land of about 20,235 sq. metres on Jaipur Road, Durgapara in Rajasthan. At one point of time it was considered to be on the periphery of the city and not of as much value as it is today. It was owned by Indian Fibres Limited, the first respondent, which was promoted by one J.P. Goenka and incorporated on 13th April, 1962. This land was the only asset of the company.

3. The Sardas took over the company in 1995. In it, each of the three brothers had exactly 1/3rd shareholding. In other words each had 33 and 1/3 per cent of the allotted share capital, held by himself and/or companies controlled by him. Govind and Jagdish with their family and associates constitute and I will refer to them as the Govind Sarda group.