Balakrishna Ayyar, J.-The property which forms the subject-matter of these proceedings is a building on Macdonald’s Road, Tiruchirappalli Cantonment. A limited liability company, called the Tiruchinopoly Automobiles, Ltd., owned that building and was doing its business there. The Vasudeva Funds, Ltd., a banking concern in Tiruchirappalli, lent Rs.50,000 to the Automobiles, Ltd. The date when the loan was made was not mentioned to us but it must have been some time prior to April, 1948. In that month, the Indian Bank, Ltd., lent a sum of Rs.1,00,000 to the Automobiles, Ltd., on the mortgage of this and other properties. The Indian Bank sued on the mortgage in its favour, and, on 12th December, 1950, obtained a decree for Rs.1,05,000 and odd. On 28th September, 1951, the Vasudeva Funds obtained a decree for Rs.49,000 and odd. Sometime before 2nd December, 1953, here too the date was not mentioned to us, the Indian Bank filed an execution petition for the sale of the hypotheca. While that execution petition was pending, the Vasudeva Funds brought the property to sale and at a Court sale held on 21st December, 1953, it purchased the property for Rs.11,005. This purchase was, of course, subject to the mortgage in favour of the Indian Bank. The sale of the property in execution of the decree which the Indian Bank had obtained was proclaimed for 24th February, 1954. On that date the Vasudeva Funds filed E.A.No.360 of 1954 for adjournment of the sale by three months. But that application was dismissed. The property was then sold and purchased by Chellappa Chettiar for Rs.55,000. On 24th March, 1954, the Vasudeva Funds filed E.A. No. 574 of 1954 for setting aside the sale on various grounds. At the same time, it filed E.A.No.575 of 1954 praying that the personal security of the petitioner be accepted and the petition for setting aside the sale proceeded with. Both the applications were opposed. Over the date 26th March, 1954, the following appears in the notes paper of E.A.No.574 of 1954:

“The petitioner prays to set aside the sale held on 24th February, 1954 and posted for confirmation to 8th April, 1954. Personal Security offered. Notice 5th April, 1954.”

This part of the note appears to be in the handwriting of an officer of this Court and below that the initials of the Subordinate Judge appear. The notes paper shows that on 5th April 1954, the notice ordered on 26th March, 1954, having been given counter was filed, and the petition was ordered to be taken up on 6th April, 1954. On that date the petitioner was ordered to deposit cash or furnish security of immoveable property by 10th April, 1954. That day the Judge was on leave and so the petition was adjourned to 12th April, 1954. On that date, the petition to set aside the sale was dismissed on the ground that security as ordered was not furnished.

Meantime, that is to say, on 26th March, 1954, one Vaidyanatha Iyer, a shareholder in the Tiruchinopoly Automobiles, Ltd., filed E.A.No.584 of 1954 to set aside the sale. Among others, he urged the ground that the Managing Agent of the Tiruchinopoly Automobiles, Ltd., had been acting in fraud of the company and that Chellappa Chettiar the Court auction-purchaser, was his own nominee. At the same time, a separate application for accepting personal security was filed. On that, notice was ordered to 5th April, 1954. on 5th April, 1954, the petition was ordered to be called on 6th April, 1954. The petition was then adjourned to 10th April, 1954 and re-posted on that date to 12th April, 1954. This petition too was dismissed on the ground that security was not furnished as ordered.

Against the orders dismissing the two petitions the present appeals have been filed. C.M.A.No.316 of 1954 has been filed by Vaidyanatha Iyer and C.M.A. No.387 of 1954 by the Vasudeva Funds, Ltd. The former may be first disposed of.

Mr.C.R.Pattabiraman the learned advocate for the Indian Bank took the objection that the petitioner, Vaidyanatha Iyer, is only a shareholder

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