The object of the new company was to acquire and take over the newspapers, the Indian Express, Dhinamani and Andhra Prabha at Madras, and Eastern Express and Bharat at Calcutta and all or any of the assets and liabilities of the Free Press of India, Ltd., Madras. There was no reference in the Memorandum of Association to the Sunday Standard or Morning Standard, as the latter company had not acquired the right to publish those papers by then, but there can be no doubt that the Express Company was formed with the specific object of taking over the entire business of the Free Press Company. It was admitted before the Income-tax Officer that Mahadeolal Dalmia who is the cousin of Ramnath Goenka was not the real owner of the shares in either of the two companies, but held them, merely benatni for the benefit of Mr. Ramnath Goenka. But the same thing cannot be said of Bhagwandas Goenka or Basantilal Bhagwandas who should be treated as holding their respective shares in the Express Newspapers, Ltd., in their own right. On 31st August, 1946, the Free Press Company passed the following resolutions:

"1. Resolved to give the right of printing and publishing our dailies and other publications i

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