1. The main argument advanced in support of this appeal is that the application made by Mahant Bagavan Dosjee for shares in the Coimbatore Spinning and Weaving Co., was made by him in his capacity as Mahant of the Mutt at Tirupati, that the money paid by him for these shares was a portion of the funds of the Mutt, that the Mahant being a Byragi had not and could not have had any funds of his own out of which he could have purchased these shares, that the Directors of the Company must have been well aware that such was the case and that consequently, on Bagavan Dosjee vacating the post of Mahant, the Company was bound to transfer the shares standing in his name to the name of the plaintiff, his successor in the office of Mahant. The evidence on the record does not bear out these contentions. It cannot be held that Exhibit XXIII shows that Bagavan Dosjee applied for the shares in his capacity of Mahant on behalf of the Mutt. The applicant there applies for certain shares, states that he has paid Messrs. Arbuthnot & Co. a deposit on account of such shares, asks that the shares may be allotted to him, agrees to accept them and requests that his name may be entered on the regist