1934 (3) TMI 26

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....st the Dewanganj Bank & Industry, Ltd. for an order modifying a scheme sanctioned by this Court under Section 153 of the Indian Companies Act by an order made on the 17 July, 1933. The circumstances were that the present petitioners were depositors in the company and on 3rd January, 1933 they obtained a decree against the company for Rs. 2,561 being the amount of their claim. They thereupon, as i....

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....the company provided, broadly speaking, that depositors should not be entitled to demand payment of their deposits but would be paid over a period extending to 15 years. The scheme was duly adopted but with a very important modification which provided as follows:- "Those who have instituted suits and obtained decree in respect of his or her deposits including costs, if any, shall also be deemed a....

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....ompany that the agreement was binding upon the petitioners in spite of the fact that they had obtained decrees, and in support of this contention, I have been referred to Raghubir Dayal v. Bank of Upper India Ltd., AIR 1919 PC 9. Their Lordships of the Privy Council in that case laid down a rule which has no applicability whatever to the circumstances of this case. It was there decided that a depo....

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....order. It is suggested that the proper course to be followed is for the decree-holders to execute their decrees, which I am, told would be at Rungpur, when they could contend before the local Court that they were not bound by the scheme. Not only would it be embarrassing to throw the burden of deciding the point upon the local Subordinate Court but I see no reason for justice being done in this ma....