( 1 ) THE claim of the Company is clearly unsustainable for a variety of reasons. In the first instance, it is established on the records that the Company, which admittedly secured perpetual lease of the plot on payment of Rs. 15600. 00 on July 26, 1954 and in terms thereof was under an obligation to put up a building on the plot within a specified period, had neither the intention nor the funds for the purpose and was interested in outright sale or transfer by other mode of all its interest in the lease to save the premium and if possible to make some profit on the investment. This is exactly what the company did when it entered into the construction contract with the respondent no. 1 by the agreement of March 19, 1956, Ex. RW 1/2. It was clearly intended to be an agreement to transfer the company s interest in the plot. These facts and circumstances are fully borne out by the sworn testimony of its former Director, B. K. . Bedi, who was examined as RW1. The oral testimony of the former Director is confirmed by a number of contemporaneous documents of unimpeach table veracity. By his letter of March 19, 1956 Ex. RW1/1, the respondent sent his cheque to the Company towar