DAVE, C.J.—This is an appeal by the Kotah Transport Limited, which is a public limited joint stock company, under sec. 155(4) of the Companies Act No. 1 of 1956, which will hereinafter be referred to as the Act, against the order of the learned Company Judge of this Court, dated the 8th August, 1960, passed on an application filed by the State of Rajasthan under sec. 155(1) of the Act.

2. It is common ground between the parties that the Government of His Highness the Maharao Raja of the erstwhile Kotah State granted a monopoly to carry passengers and goods by motor transport within the State to Messrs. Budh Singh Bapna, Sardar Ujagar Singh and Sardar Daljit Singh, who will hereinafter be referred to as the grantee, by a "Deed of Covenant" (Ex. A. 1) dated 29th September, 1945, for a period of ten years. In pursuance of the terms and conditions of the said document, the grantee floated a joint stock company with a capital of rupees ten lakhs. That company was named as Kotah Transport Limited, Kotah. It was incorporated and registered on 15th Jan., 1946 under the Indian Companies Act, 1913, as applied to the then Kotah State and the grantee assigned his rights under the grant Ex. A. 1

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