SANJAY KISHAN KAUL, J.

( 1 ) THE execution petition has been filed by the three decree holders in ex. P. No. 135/1992 [defendants in CS (OS) 138/1995] seeking enforcement of the decree dated 29. 11. 1990 against judgment debtor No. 1 [plaintiff in cs (OS) 138/1995] for U. S. Dollars 1,248,415. 49, equivalent to Rs. 3,609,821. 01 along with interest @15% P. A. from the date of the decree. The decre has been passed by the High Court of Justice, Queen's Division Bench, commercial Court, in England 1988 Folio No. 1090. The plaintiff filed objections to the execution of the decree. The plaintiff also filed a suit, bearing CS (OS) 138/1995 for declaration and permanent injunction against the enforcement of the said decree.

( 2 ) THE brief facts relating to the controversy are being set out hereinunder. The plaintiff is the founding chairman of the United Group of companies. Defendants nos. 1 and 3 are the foreign companies stated to be managed by defendant No. 2 or his family members. It is in the year 1982 that defendant No. 2 is stated to have expressed a desire to invest monies on behalf of his family members and himself to the plaintiff by purchase of shares of M/s United Watches L