MEHTA J.— On July 6, 1906, Seth Gumanmal Lodha, one of the proprietors and a nominee of the firm Kamal Nayan Hamir Singh of Ajmer, and Kanwar Ram Swaroop, son of Rai Bahadur Seth Champalal of Beawar, executed an agreement. Its relevant terms and conditions were as follows—

"It was executed for the purpose of establishing a Cloth Mill at Beawar. The concern was to be started in the name of the Edward Mills Co. Ltd, Beawar. The two parties would invest bulk of the money and the management would also remain in their hands. They would keep their shares separate which would not be of the value of less than rupees one lac. The rights of both the parties would be equal and both the parties would have jointly and severally the rights of becoming Manager, Chairman, Secretary, Treasurer, etc. These rights would be exercised half and half by both the parties and they would be entitled to get the income in equal shares in respect of all the commissions, salary or any other kind of income. According to the terms of the Memorandum and Articles of Association the rights of the Chairman and Managing Director would jointly be exercised by Seth Guman Mal proprietor of the firm Kamal Nayan Hamir Singh

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