S.RAVINDRA BHAT, J.

1. In this rare and unusual form of proceeding, (under Section 88 read with Order 35, of Code of Civil Procedure (or CPC)), the plaintiff (hereafter referred to as “Asian Hotels Ltd.”) seeks relief as an inter-pleader about the true ownership of 2800 shares issued by it; both the defendants are rival claimants, to those shares.

2. The facts briefly are that the Asian Hotels Ltd. was incorporated in 1980. In 1982, it advertised, calling for applications in respect of a public issue of shares bearing face value of Rs.10/-each. The public issue was open between 04.02.1982 and 23.10.1982. One Mr. Y.A. Ghulam Mohamed applied for 2000 shares through an application No. 029651 on 14.10,1982. He had furnished his address as C/o. M/s. Loay Printing Press, Ruwi, Sultanate of Oman. The shares applied for were allotted and Asian Hotels issued an intimation for the purpose, on 11.03.1983 (Ex. P-1/2). Asian Hotels relies upon the Company Share Register and a letter dated 13.10.1983, regarding issue of Equity Shares to non-residents; the latter document is produced as Ex. P-1/3. A copy of the Share Application Form applied for in 1982, being No. 29651, has been produced by Asian Hotels Ltd. along with an application, I.A. No. 3596/2009. The said document discloses that Mr. Y.A. Ghulam Mohamed, the applicant was a resident and held an account in the Indian Overseas Bank, Chakkarapalli, Thanjavur District, Tamil Nadu. The share application amount of Rs.10,000/-was drawn on Indian Overseas Bank, Fort Branch, Bombay, and was dated 14.10.1982. The fully paid Bank Share Certificate issued by Asian Hotels Ltd. was dispatched to the said Mr. Y.A. Ghulam Mohamed.

3. Asian Hotels Ltd. claims that when shareholders were asked to deposit the certificates for dematerialization, on 30.03.2007, the first defendant sent his original certificate for 2000 shares for conversion. In the meanwhile, apparently dividend of Rupee equivalent of US$ 235.90/-towards the dividend payable through the Demand Draft dated 01.11.1989 had been issued, in respect of the shares. Thereafter, the second defendant appears to have received the said instrument, and intimated the Asian Hotels Ltd. about his correct address, stating about the changed address somewhere in Saudi Arabia. In that letter, the second defendant also claimed that the Demand Draft did not bear the correct names, which was not “Mr. Y.A. Ghulam Mohamed” but according to second defendant, “Mr. Gulam Mohammed”; a request was also made to correct the said shareholder’s name in the company’s record. The Asian Hotels Ltd. contends that it seems to have also been asked that duplicate Share Certificates ought to be issued to the second defendant since he had lost the original certificates. This was through a letter dated 25.05.1994 from Mr. Gulam Mohammed. The plaintiff required the said second defendant, through a letter dated 27.05.1994 (Ex. P-1/16), to complete certain formalities like deposing an affidavit, execution of an Indemnity Bond, etc. The letter was acknowledged by the second defendant on 14.06.1994 (Ex. P-1/17). Asian Hotels appears to have received the application for duplicate certificate on 10.05.1994, and Indemnity Bond, also dated 10.05.1994; the same are produced as Exhibits P-1/18 and P-1/19. Mr. Gulam Mohammed, the second defendant wrote a letter on 15.07.1995, enclosing the (duplicate) Share Certificate with a request to convert them into marketable lots. A copy of the said letter is produced as Ex. P-1/20; the request was acceded to under cover of letter dated 31.07.1995 (Ex. P-1/21). The delivered shares duly cancelled after their being converted into marketable lots is produced as Ex.P-1/22.

4. Asian Hotels Ltd. contends that on 28.11.2006, the second defendant lodged his 2800 shares (originally 2000 shares and 800 bonus shares) for dematerialization through the depository participant, the UTI Bank. The request was, however, rejected on 11.12.2006 by Asian Hotels, s