The question that arises for consideration is whether the applicant/proposed party M/s.ION Exchange Finance Limited is a necessary or proper party to be joined as one of the party respondent in O.A.No.318 of 1999 under O.1, Rule 1 of the Code of Civil Procedure in the suit instituted by the plaintiff, the first respondent herein in C.S.No.340 of 1999.

2. The plaintiff, the first respondent in this application filed the suit in C.S.No.340 of 1999 for declaration that the stock certificate MS/97 belongs to the plaintiff and he is the absolute owner of the same and for permanent injunction restraining the Chief General Manager, Reserve Bank of India, the third respondent herein, from transferring it in the name of Syndicate Bank, Mumbai, the fourth respondent herein and also for a mandatory injunction directing the Syndicate Bank to withdraw the documents from the Reserve Bank and renunciate in favour of the plaintiff.

3. The plaintiff also filed application in O.A.No.318 of 1999 seeking for the grant of interim injunction restraining the Reserve Bank of India, the third respondent herein from transferring the stock certificate MS/97 in favour of the Syndicate Bank, the fo