1. M/s.India Re-rolling Mill is a partnership firm manufacturing M.S.Rounds, M.S.Flats etc. The deed of partnership was duly registered with the Registrar of Firms vide registration No.95/1972. On account of heavy loss incurred by the firm, some of the partners sold their shares in favour of the petitioners for valuable considerations. The assignment of shares is not disputed, the transfer is more than 10 years old. The respondent No.2 also did not raise any objection to sale of shares.

2. The partnership firm is having a property which was let out to the petitioners. The petitioners are paying property tax, electricity charges, telephone bills and complied with other statutory obligations.

3. The documents executed in favour of the petitioners in support of handing over of shares in the firm are as under:

(i) The general power of Attorney of Mahendar Kumar Gupta and Padam Kumar Gupta executed sale deed dated 26.10.2003 in respect of the 14% shares.

(ii) The Power of Attorney Mr.Brij Mohan Gupta followed by sale deed dated 20.08.2007 transferring 9% shares in the account.

(iii) Some of the partners have executed a deed of assignment dated 14.08.2004 followed by the sale