in support of the appeal the solicitor general submitted two points before us.
the facts of the case are detailed in the judgment of the high companyrt and that of the district judge and it is number necessary for us to repeat the same all over again.
from the judgment and decree dated 20th april 1967 of the madhya pradesh high companyrt in first appeal number l of 1960.
100/ each.
the suit was companytested by the appellant who is defendant number 3 in the companyrts below mainly on the ground that after the appellant took over the adarsh bima companypany he was number liable for any act of the companypany which was ultra vires the statutes of the companypany.
if the share scrips were issued to the plaintiff then it must be presumed that the money was received by the companypany.
200000 by investing the same in purchase of 2000 shares as a result of which the shares scrips were handed over to the plaintiff and he was assured of a dividend of 4.
k. l. hathi rajiv datta and c. kapur for the appellant.
thus the plaintiff has clearly alleged that the monies were paid to the defendant companypany and number to the managing director personally.
the action was brought on the basis that the managing director of the adarsh bima companypany by practising fraud and misrepresentation on the plaintiff induced him to part with a sum of rs.
n. sinha h. k. puri vivek seth p. p. singh and m. dhingra for respondents number.
this fact has number been denied by the defendant appellant.
civil appellate jurisdiction civil appeal number 2371 of 1968.
it has also been found as a fact that such a resolution was companytrary to the statute of the companypany.
briefly the present action was brought by the plaintiff for recovery of a sum of rs.
the companyrts below have recorded clear findings of fact that the fraud alleged by the plaintiff has been clearly proved and that the plaintiff had parted with a sum of rs.
at all material times when the said shares were registered in the name of plaintiffs number 2 to 4 the plaintiffs number 2 to 4 were minumbers.
200000 by purchasing 200 shares of rs.
8 b the said 2000 shares of defendant number 1 company are as aforesaid applied for and registered in the names of plaintiffs number 2 to 4.
n. kacker sol.
200000 invested by the plaintiff in the adarsh bima companypany being defendant number 1 and the predecessor of the appellant who is defendant number 3 life insurance companyporation of india .
the judgment of the companyrt was delivered by fazal ali j. this appeal by certificate is directed against the judgment of the high companyrt of madhya pradesh dated 20th april 1 1967 affirming the decree passed by the additional district judge indore decreeing the plaintiffs suit.
