( 1 ) THIS order proposes to dispose of an application under Order 7 Rule 11 (d) of the Civil Procedure Code filed by defendant No. 4 and seeking rejection of plaint filed by the plaintiff.

( 2 ) THE facts as set out in the plaint may briefly be noticed. The plaintiff, a private limited company owned 86469 equity shares of ten rupees each in M/s. HMM Ltd, the defendant No. 3. In April, 1982 the plaintiff borrowed a sum of Rs. 14 lakhs from defendant No. 1 on pledge of the said equity shares. The pledged share certificates were accompanied by blank transfer deeds. In August, 1992, fresh blank transfer deeds were signed by an authorised signatory of the plaintiff and delivered to defendant No. 1. In November, 1982, on a request made by defendant No. 1, they being in dire need of money, were allowed to pledge the shares only as security with State Bank of India, the defendant No. 2. It was specifically understood that the defendant No. 1 would utilise the transfer forms only for the purpose of executing documents of security and not to transfer the ownership rights to defendant No. 2. Subsequently, the plaintiff made time to time payments on account of interest to the