BALAKRISHNA AYYAR

The petitioners, two in number, hold between them 100 ordinary shares in Parry and Co. Ltd. This company handles numerous lines of business and one such line is that of being managing agents to other companies. Parry and Co. Ltd. are the managing agents of the East India Distellries and Sugar Factories Ltd. On 18th October, 1955, the East India Distellries wrote to the directors of Parry and Co. on certain terms. The particulars of these are set out in annexure "A" to the counter filed by the deputy managing director of the East India Distilleries.

Here it is enough to say that the offer was to allot one fully paid share of $ 1 each in East India Distilleries for every five ordinary shares of Rs. 2 each in Parry and Co. Ltd. Alternatively for each ordinary share of Rs.2 in Parry and Co.Ltd. the East India Distilleries offered to pay Rs. 5-8-0 in cash. this offer, however, was subject to one proviso and it was that in the case of individuals holdings in excess of 1, 00, 000 ordinary shares the price would be only Rs. 4-8-0 per share. The shareholders of parry and Co. were also given the option of combining either of these two alternatives. The offer of sh