( 1 ) THIS is an appeal brought pursuant to a certificate under Art. 133 (1) (c) of the Constitution from the judgment and order of the Division Bench of the erstwhile Pepsu High Court pronounced on 10/03/1953, modifying in appeal the order of the Liquidation Judge.

( 2 ) THE fact are fully recited in the judgments of the Courts below and comparatively a brief recital will be sufficient for the purpose of this judgment. The appellant company was incorporated in 1934 under the Companies Act of the erstwhile Patiala State. It carried on the business of commission agency for dealing in forward transactions in various kinds of grain and other commodities. The respondent - firm Ganpat Rai Hira Lal of Narnaul - besides being a shareholder of the appellant company had dealings with it and entered into several forward transactions of sale and purchase of grain and other commodities. The appellant, acting as a commission agent of the respondent and its other constituents entered into several transaction of forward delivery at Hapur with Firm Pyarelal Musadddi Lal, who were carrying on commission agency business at Hapur (and will hereinafter be termed the Hapur firm ). The to