Minors' fathers treated as owners of shares in bank liquidation case.

The court held that the fathers of the minors, who had applied for shares on behalf of their children and managed the accounts, must be treated as the owners of the shares. The applications by the minors to be removed from the list of contributories of the Muslim Bank of India Ltd., in liquidation were allowed, and the fathers' names were added to the list of contributories. The court applied the principles of benami transactions and unauthorized signing of shares, ordering no costs to be awarded to any party.

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Issues:
Application by Bashir Ahmad, Rafiq Ahmad, and Abdul Rashid to be removed from the list of contributories of the Muslim Bank of India Ltd., in liquidation. Application by the Official Liquidator to place the names of the fathers of the three minors on the list of contributories.

Analysis:
The judgment by Young, CJ., covers applications by Bashir Ahmad, Rafiq Ahmad, and Abdul Rashid to be removed from the list of contributories of the Muslim Bank of India Ltd., in liquidation, as they were minors at the time of the transactions. The Official Liquidator seeks to place the names of their fathers on the list of contributories. In the case of Bashir Ahmad and Rafiq Ahmad, their father applied for shares on their behalf, paid with his own funds, and managed the accounts until they reached the age of majority. The court referred to the principle established in Pugh and Sharman's Case, emphasizing that if a person buys property in another's name with their own money, the transaction is considered benami. Therefore, the court held that the father, Tahir-ud-Din, must be treated as the owner of the shares, allowing the applications and adding his name to the list of contributories.

In the case of Abdul Rashid, his father, Salamat Ullah, applied for shares on his behalf and managed the accounts similarly to the previous case. The court applied the same principles as in the case of Tahir-ud-Din, holding that Salamat Ullah must be treated as the owner of the shares. Additionally, Salamat Ullah purchased shares by transfer, signing Abdul Rashid's name without authority, leading to the application of the principle from Richardson's case. The court ordered Salamat Ullah's name to be placed on the list of contributories as the owner of these shares. The applications of all three minors were allowed, along with the Official Liquidator's application, with no costs awarded to any party.

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