JUDGMENT

Nasim Ali, J. - This is an appeal against the decision of the Subordinate Judge of 24-Parganas, dated 21st September 1939, dismissing the appellant's suit to enforce an equitable mortgage. The case of the plaintiff appellant as stated in the plaint is this: The plaintiff is a limited company incorporated and registered under the English Companies Act having its registered office in London. It is carrying on its business of insurance at its Calcutta office at No. 2, Fairlie Place in the town of Calcutta for a long time. The defendant was the cashier and accountant of the plaintiff company at its Calcutta office from 1st January 1929 to 8th January 1935. On 8th and 9th January 1935, while the accounts of the plaintiff company were being audited by its auditors Messrs. Price Waterhouse & Co., it was discovered that the defendant misappropriated large sums of money belonging to the plaintiff company in the course of his employment as cashier and accountant. The total amount misappropriated by him could not be ascertained at that time. The examination of the books of the plaintiff company and other papers so far as could be done up to that time disclosed that the amount misappro