Ramaswami Gounder, J.-This appeal has been preferred by the plaintiffs, whose suit against the United India Life Assurance Co., Ltd., as the first defendant and its directors, defendants 2 to 7, and the Official Trustee of Madras, defendant 8, was dismissed by the City Civil Judge. The plaintiffs prayed for two reliefs: (1) declaring that the first defendant-Company and its directors, defendants 2 to 7 are not entitled to invest the funds belonging to the policy-holders’ trust-fund in the construction of any building in Mount Road, Madras and (2) restraining defendants 1 to 8 by a permanent injunction from applying, expending or appropriating any monies belonging to the policy-holder’s trust-fund for the construction of any such building.

The first defendant-Company is a limited liability Company, incorporated about the year 1906, for the purpose of carrying on the business of life insurance. About 1927, the subscribed share capital of the Company was about Rs. 70,000; but most of the shares were then held by Sri M.Ct. Muthiah Chettiar. It therefore appeared that the Company was dominated by that gentleman and was an one man’s show. Though the share capital of the Company was compar

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