Judgement

R. N. MISRA, J. : One Mr. T.P. Yeoman obtained a mining lease for coal of about 1300 acres located in the District of Sambalpur, valid for a period of thirty years with effect from October 1, 1917 from the Secretary of State for India in Council. This came to be known as the Ib River Colliery. On 22-2-1920, Mr. Yeoman transferred a part of the lease-hold in favour of one Mr. M.H. Dutta and on June. 7, 1920 by an agreement between the Secretary of State for India in Council and Mr. Dutta the transfer was duly recognised. On August 21, 1931, the Hindu undivided family of Raisaheb Chandanmull Karnani carrying on business under the firm name and style of M/s. Chandanmull Indrakumar purchased the leasehold interest of Mr. Dutta in a court sale held by the High Court of Calcutta. On December 27, 1934, the Secretary of State for India in Council accepted M/s. Chandanmull Indrakumar as the transferee of the leasehold interest (Annexure-C). Raisaheb Chandanmull Karnani died on February 2, 1943, but the joint family firm continued as before.

In the lease of 1917 (Annexure-A) there was provision for renewal at the option of the lessee and such option was to be exercised six months pri