ORDER :- The Agricultural and Industrial Corporation Ltd., was incorporated in 1947 under the provisions of the Indian Companies Act, 1913. At the meeting of the General Body of the shareholders held on 5-3-1949 the petitioner was elected the Managing Director of the company in the place of one Narayana Rao who had been the Managing Director up to then. The petitioner claimed that on 17-7-1949 at another meeting of the General Body of the Shareholders, one A.S. Venkata Rao was elected the Managing Director, and the petitioner handed over charge of the affairs of the company to Venkata Rao.

The claim in the counter-affidavit of respondent 2 was that the petitioner functioned along with A.S. Venkata Rao till 4-5-1950, though Venkata Rao had been elected as director in charge on 17-7-1949. The petitioner further claimed that after 4-5-1950 he ceased to have anything to do with the management of the company. He was employed thereafter at Kozhikode and later at Bombay.

2. From the averments in the counter-affidavit of respondent 2, it appears that in the balance-sheet of the company, filed with the Assistant Registrar of Companies at Erode on 7-3-1949 tangible assets of the compa