Question

mukul gupta contracted a firm according to the contract he has advanced loan of 20 lakh is he a buisness partner

Answer 1

. The plaintiff had originally filed the suit against defendants 1 and 2 seeking to recover 86469 shares of HMM held by it. Third defendant is a Company HMM and no relief was asked for against that Company. Later on, Unit Trust of India, 4th defendant, sought to implead itself as a party and that was granted by this Court. The plaintiff amended the plaint and sought for the following reliefs :-

"a) that this Hon'ble Court be pleased to declare that the plaintiff is the absolute owner of 86469 shares alongwith bonus shares of M/s. HMM Ltd., the details of which are mentioned in the Annexure III attached with the plaint and are entitled to deal with them in any manner desired by it;

b) for permanent injunction, restraining the defendants No. 1 & 2 & 4 from transferring 86469 equity shares and bonus shares either in their name or in the names of their nominees;

c) the decree for mandatory injunction directing the defendants No. 1, 2 & 4 to return the 86469 equity shares and bonus shares along with the blank transfer forms to the plaintiff.

d) the defendants No. 1 & 2 be directed to render accounts in respect of the dividend received by them on the aforesaid shares;

e) defendant No. 3 be refrained permanently from affecting transfer of the said 86469 equity shares and bonus shares of M/s. HMM Ltd. detailed in Annexure III of the plaint in the name of defendants No. 1, 2 & 4 or any of their nominees;

f) that defendant No. 3 be directed to pay all the dividends on 86469 equity shares and bonus shares to the plaintiff;

g) costs of this suit be awarded in favour of the plaintiff against the defendants No. 1 & 2."

2. The case of the first defendant briefly stated is that the plaintiff borrowed Rs. 14 lakhs from it. The plaintiff gave the shares to the first defendant with blank transfer deeds. The plaintiff did not pay any amount towards the principal and the full amount of interest was not paid. There-fore, it had dealt with these shares.