JUDGMENT

AP Rajah J:

This is an appeal against my dismissal of a motion with costs filed by the plaintiffs on 21 December 1976 in Suit No. 3943/76 praying for an order:

(1) that the second defendants be further restrained and an injunction granted by this Honourable Court on 6 December 1976 on an ex parte application by the plaintiffs be continued, restraining them from doing whether by the first defendant its managing director the third defendant its director/secretary or by the fourth defendant its general manager or other officers, servants or agents howsoever:

(i) entering into any contract for the sale or purchase of foreign currency

(ii) entering into any contract for the sale or purchase of commodities whether or not in the ordinary course of its business (iii) making or causing or permitting to be made any payment out of any bank account of the defendants Trans Continental Commodity Merchants (S) Pte. Ltd. or

(iv) pledging the credit of the defendants Trans Continental Commodity Merchants (s) Pte. Ltd. or causing or permitting the same to be pledged

without the precious written consent of the plaintiffs.

There were three other prayers in the motion which were not canvassed before me as events subsequent to its filing had rendered arguments on them unnecessary.

The Facts

On 2 December 1976 Hong Kong Vegetable Oil Co.Ltd., a company incorporated in Hong Kong and giving its registered office as at Room 1104 Tin Fook Hong Building, 77-81 Jervois Street, Hong Kong, commenced a Suit (1976 H No. 7554) in the High Court of Justice, Chancery Division England (English Suit) against five defendants, namely,

(1) Malin Sirinaga Wicker,

(2) Trans Continental Commodity Merchants (s) Pte. Ltd,

(3) Chase Investments Ltd,

(4) Joseph Michael Suresh Brito, and

(5) Gregory Sebastian otherwise known as GSM Marcelline.

wherein the plaintiffs' claim was for:

(1) An injunction restraining the second defendants whether by the first defendant, its managing director, by the third defendant or its officers servants or agents or otherwise howsoever from

(i) entering into any contract for the sale or purchase of foreign currency

(ii) entering into any contract for the sale or purchase of commodities whether or not in the ordinary course of its business

(iii) making or causing or permitting to be made any payment out of any bank account of the second defendants or

(iv) pledging the credit of the second defendants or causing or permitting the same to be pledged

without the previous consent of the plaintiffs. (2) An injunction restraining the third, fourth and fifth defendants from causing, permitting or procuring Trans Continental Commodity Merchants (Singapore) Pte. Ltd. from entering into any such contract or doing or causing or permitting to be done any such other thing as is mentioned in (1) above without the previous consent of the plaintiffs.

(3) A declaration that 275,000 STG1 ordinary shares in the second defendants issued to the third defendant in or about July 1976 are held by the third defendant upon trust for the plaintiffs.

(4) An order that the third defendant do transfer to the plaintiffs in accordance with its directions all the shares held by the third defendant and the second defendants.

(5) A declaration that 7,715 STG1 ordinary shares in the second defendants issued to the first defendant on or about 26 February 1975 are held upon trust for the plaintiffs.

(6) Alternatively a declaration that the first defendant is bound to transfer the last mentioned shares to the plaintiffs or to whom it may direct.

(7) An order that the first defendant do transfer the said shares and one such share allotted to him on or about 7 February 1975 to the plaintiffs or in accordance with its directions.

(8) A declaration that all shares in Trans Continental Commodity Merchants (Singapore) Pte. Ltd. held by the first, fourth and fifth defendants are held by them upon trust for the plaintiff or alternatively for the second defen