|B U S I N E S S||
Sunday, August 8, 1999
CII adopts a village
frozen in time
Mini cement units develop cracks
No ICICI loan for steel units
Amrit Banaspati to launch two
Citizens Urban Coop Bank to pay 17
Sirsa man wins Tata Sumo
a village frozen in time
CHANDIGARH: The village of Bhoj Palasra located in the Morni hills in Panchkula district and just 70 km from Chandigarh is a study in contrasts. It has no electricity save some solar panels installed by a benevolent State Government during election time. It has no access to clean potable drinking water. The 45 Dalit and 25 Rajput families have put issues of water contamination on the backburner, making do with muddy stream water.
The families subsist on the vegetables and cereals that they grow and barter. Of course there are erratic bread winners who go down 20 km to Raipur Rani managing to get some work on daily wages or if they are real lucky on a contract basis. A few were absorbed in the PWD Department. For the rest development, modernisation, education and health for all by the year 2000 means absolutely nothing.
There is no dispensary or doctor for at least 20 km. The means of transportation are limited to a few bicycles. A private bus operator on the route charging Rs 10 one way to Raipur Rani, the nearest township. The government bus doesnt ply during the monsoon and even otherwise is undependable. During an emergency the patient is either taken on a bicycle or strapped on to a charpoy the corners held securely by four runners. They undertake the 20 km journey on foot to the 20-bedded hospital in Raipur Rani. Deliveries of children are done by the two village midwives.
The families of Bhoj Palasra are frozen in time. But they are politically aware, willing to work hard and improve their lot provided there is opportunity and hope of a better tomorrow. The CII has identified and adopted this tiny village for holding a series of medical camps. Shona Dalal, coordinator of the project, interacted with the woman sarpanch and identified key medical areas which needed immediate attention. On July 17 a doctor, a lab assistant, two helpers and Shona set out to make a humble beginning, backed by the financial support and goodwill volunteered by Feedback Ventures.
Fortyfive children, old people and women were examined, medicines administered, nutritious diet counselling provided and medical ailments diagnosed. Problem areas like severe anemia, vitamin deficiencies, ENT problems, dermatological ailments and body aches were diagnosed. A token amount of Re 1 was charged to ensure they take the medication seriously.
The CII plans to work with one village at a time with one year perspective. It will hold medical camps every fortnight and once in eight weeks organise a specialised camp on say dental health, AIDs awareness, contraception and family planning cataract eye operations etc. Serious cases will be referred to doctors in Chandigarh.
Simultaneously the CII
will take up the issues of electricity, water and public
transport with the State Government. It will also try to
enhance the quality of primary and middle education, that
is currently in the doldrums. The two-room village school
has more than 200 children, some from neighbouring
villages. A vocational training centre will be set up for
cement units develop cracks
Eleven mini cement plants situated within an area of 30 km in Ambala district are facing servere financial crunch for the past about three years. As a result most of the units are on the verge of closure. The price of raw material has increased by 40 to 50 per cent whereas the selling price has been reduced by 15 to 20 per cent thus making the profit margin drastically low and making survival difficult, says Raman Gupta of B.R. Cements Ltd who switched his business from steel to cement after migrating from Ludhiana at the time of militancy in Punjab when there was a boom in cement industry. Presently, we are producing hardly 20 to 25 per cent of our total capacity, says Raman.
The production cost of cement has gone higher due to increase in cost of raw material, higher power tariff, rising prices of diesel and labour, says Vijay Kumar of Ambala Cements Ltd who prior to this business was involved in familys wholesale business in foodgrains.
According to Vijay, the increase in price of bricks has affected cement industry badly. He tells that situation of mini cement plants in Rajasthan, M.P. and Andhara Pradesh is better due to easy availability of basic raw material lime stone. Moreover, the local labour has a misconcept having asthma or T.B. while working in polluted atmosphere of cement dust. We have to arrange labour from Bihar at much higher rates, says Vijay.
Due to heavy recession in past more than 3 years, we have lost our working capital and it is now not possible to repay loan instalments to State Financial Corporation and are even ready to surrender keys of our sinking industry, says Prabhat Chander, President of Mini Cement Manufacturers Association and tells that apart from poor demand, mini industry has to face tough competition with large manufacturers and even government departments avoid purchasing from mini cement plants. Capt P.C. Jain who diversified from his L.P. Gas distribution business set up his mini cement manufacturing unit compares himself to a swimmer in deep sea and struggling to keep his unit alive, however, utilising hardly 20 to 25 per cent of their capacity because of demand slump.
We purchase raw
material on cash and have to sell finished goods on
credit ranging upto 30 days that too on nominal profit
margin, Jain suggests the provision of single
window service enabling entrepreneurs to get rid of
unnecessary harassment by the government staff.
CALCUTTA, Aug 7 (PTI) ICICI will not lend any further to the steel industry despite the prediction of a good growth by the industry in the next three or four years, ICICI chief K.V. Kamath has said.
In spite of steel prices hardening globally, the financial institution would not lend any further to the industry at the moment, he told reporters here.
When asked whether the ICICI would seek relaxations in the RBI prudential norms regarding the removal of exposure ceiling to any particular industry, Mr Kamath replied that time had not come because the financial institutions exposure to any particular industry was well within the cap. RBI guidelines required that exposure to any industry should not exceed 15 per cent of networth of the lending institution.
For the other core industry, cement, Mr Kamath said a degree of restructuring in terms of scaling down of plants could do very well for the companies.
He also predicted a good time for the industry in the coming years.
Other industries with
which the ICICI chief was particularly bullish was the
fast moving consumer goods industry and knowledge-based
industry where the growth had been in the double-digit
mark, he said.
What is that?
CHANDIGARH: Ignorance is bliss; share it. That perhaps prompted key speakers at the PHDCCI seminar on patents held in Chandigarh last Thursday to publicly acknowledge inadequacy of their knowledge of the subject. Among the chief speakers were top bureaucrats Ms Vineeta Rai, Adviser to the UT Administrator, and Mr R.I. Singh, Principal Secretary to the Punjab Chief Minister.
This is a subject which should better be left to experts, remarked Mr Ramesh Inder Singh. Ms Rai was equally candid and expressed apology before making quite a few weighty observations.
You need not apologise, chipped in PHDCCI President Ashok Khanna. All of us here are ignorant about patents.
Encouraged by the endorsing laughter, he went on. You know, why there were protests in Maharashtra and Karnataka, and not in this region? Because North Indians did not understand the issue.
The patents literature kit distributed among the participants by the PHDCCI carried one paper on the subject from the CII. Those familiar with the PHDCCI-CII cold war were amused. But it was, left to Mr R.I. Singh to verbalise the surprise: I thought the PHD Chamber and the CII are not on the same wave length.
Cheaper oils : To housewives delight, after gold the prices of edible oils are coming down. Thank for that Narasimha Rao and Manmohan Singh, who initiated in July, 1991 the process of liberalisation, one component of which was to cut Customs duty to allow easier imports.
Prices of edible oils have declined by 40 to 50 per cent, that is, by $ 300 to $ 400 per tonne. With another bumper crop expected in October, edible oil prices may rule steady, if not plunge further.
What is, however, good for consumers is bad for the industry. Solvent extractors demand an immediate ban on edible oil imports saying farmers are forced to sell oilseeds at 15 to 20 per cent below support prices, that farmers may switch to other crops and that dependence on imports is bad.
Any industry that produces and sells products at prices higher than those at the global level will get punished by the market, and rewarded, if the prices are lower. Instead of cribbing about low prices, solvent extractors should set their house in order, cut costs and calculate market supply and demand before starting production. Agricultural universities or research bodies should forecast, like weather, commodity prices in the domestic and international markets well in advance.
IT venture Fund : One of the appreciable steps Punjab has taken in promoting IT companies is the floating of Rs 20 core venture capital fund in association with SIDBI. However, its implications are yet to sink in.
While granting loans to would-be entrepreneurs, banks normally ask for a collateral in the form of land, building or machinery. An individual wanting to set up an information technology (IT) project had none of these. He may possibly have only a computer and a small room, that too rented. No bank would usually take the risk of extending him a loan. If he has a viable IT project and needs loans, he can approach the venture capital fund management.
Punjab to offer housing loans
CHANDIGARH, Aug 7 Bank of Punjab encouraged with success received by its auto loans schemes is poised to venture into housing finance.
The housing finance segment is considered to be very safe and has vast business potential. With its state of the art infrastructure, network and quality clientele can very well venture into this sector and deploy in a secured and a reasonable yielding portfolio. The loans will be given for construction extension of a house, flat or renovation, upgradation of a house or flat and also for purchase of house or flat
CHANDIGARH, Aug 7
Indian Oil, Punjab State Office, Chandigarh held its
first super sellers meet at Parwanoo today which
consisted of resellers who had sold a combined volume of
500 kl petrol and diesel for the financial year 1998-99.
The meeting was presided over by the Chief Retail
Marketing Manager, Northern Region, Mr J.M. Mehra. Super
sellers came from Punjab, Himachal Pradesh, Jammu and
Kashmir and were honoured for their successful efforts
Banaspati to launch two brands
NEW DEHI,Aug 7 Rajpura based edible oil major, Amrit Banaspati Company (ABC), is soon going to launch two new brands in soya oil and corn oil.
Company sources said that while soya oil will be targeted at the low end segment, corn oil will be targeted primarily at the premium segment. The products are expected to hit the market in December this year.
The company expects to sell around 50 tonnes per month of corn oil, while about 500 tonnes are expected to be sold of soya oil.
The positioning of the products have been done keeping in mind price sensitivity of the Indian consumer, Soya oil would basically be positioned as a product for the masses where the consumers have been observed to be very price sensitive, Deputy General Manager, Mr Harish Singla told The Tribune adding that the products will very competitively price.
While the raw soya oil will be sourced externally, the corn oil will be picked up entirely from internal sources.
Citizens Urban Coop Bank to pay 17 pc
The Citizens Urban Coop. Bank Ltd., Jalandhar, a leading urban bank in Northern India has shown an increase of 18 per cent in deposits and rise in loans and advances by 30 per cent with increase in gross profit to 10.50 per cent as compared to the last year. The deposits of the bank as on 30.06.1999 has touched to Rs 88 crore and the advances Rs 71 crore. The CD ratio of the bank at present is 82 per cent.
IEC Software has clocked
a 40.31 per cent in the first quarter of the current
fiscal as compared to the corresponding period of the
previous year. The companys gross turnover in this
quarter stood at Rs 201.18 lakh as compared to last
years turnover of Rs 155.69 lakh in this quarter.
wins Tata Sumo
CHANDIGARH, Aug, 7 Mr Jagdish Kini, Managing Director of Wilkinson Sword India Ltd, a subsidiary of the Gillette Corporation today handed over the keys of a Tata Sumo to Mr Pawan Kumar Garg of Sirsa in Haryana who won the contest Chalo shaan se! More than 2.7 Lakh persons participated in the contest. In addition to this 20 Bajaj scooters have been won by consumers.
Mr Baljinder Kumar of
Patiala is the lucky winner of the scooter from Punjab
among the 20 winners. The Wilkinson Sword contest was
launched in January 1999. Mr Kini said Wilkinson Sword
was launched in 1995, has grabbed 10 per cent of share of
stainless double-edged blade in the urban market in three
years making it a Rs 17 crore brand.
Ever since the rumour of the parent company issuing a pink slip threat to Colgates top brass in India started doing the rounds, the companys fortunes seem to have improved. But, knowing that its opponent is the formidable HLL, celebrations may prove premature.
ILFS is now into the fund game officially. Its debt fund issue, the grapevine has it was well received, and will be followed shortly by an equity fund offering. What makes ILFSs offerings distinctive is the fair amount of thought that seems to have gone into it. Is that why they plan to avoid the open-ended fund bandwagon and stick to the more conservative and logical closse-ended fund model for their forthcoming equity issue?
A month ago the grapevine had reported that a soothsayer by whom many BSE bigwigs swear, had predicted that the war clouds would clear and that the Pakistani infiltrators would be sent packing. More importantly for the BSE brokers he had also predicted that the Sensex would touch 5000 before Diwali. Now, for his latest prediction, which is truly sensational the Sensex will penetrate the 6000 points make before the first Diwali of the new millennium. Seems the soothsayer is a real bull!
The grapvine has it that a well known foreign mutual fund has been continuously unloading the shares of Aptech at the bourses. So much so that it has unnerved the management which is reportedly trying to absorb the selling pressure though aggressive buying. Wonder why the foreign mutual fund is selling so heavily ?
The grapevine has it that TCS, the mother of them all might foray into the capital market finally before Y2K with a public at a hitherto unheard of premium. Whatever happened to the rumours of a merger of all Tata group infotech companies into Tata Infotech then?
Why were ITW Signodes results seemingly so disappointing many asked? Well, the answer according to a source close to the company swears that the company has undertaken a balance-sheet cleaning exercise that may cause pain in the short-term but yield handsome dividends in the long run. Interesting?
Sony is the only television channel at the moment that is giving Zee a run for its money. In fact, the sensational spurt in Zees share price has given it the leverage to plan a very high priced public issue that will hit the market in the near future opines a source claiming to be in the know of things.
A recent report tabled
by a market research company predicts exponential
business growth in the southern cities of Bangalore,
Hyderabad and Chennai during the first decade of the new
millennium. Why? Well, one calculated guess could be
thats where the intellectual capital of India lies.
Will the Sensex cross the all time high of 4600 - odd points? Readers will remember that this is a topic we had touched on at the beginning of the year and we had concluded that it indeed has the potential to not only touch 4600 but also inch towards the 5000 points mark by the turn of the millennium. The amazing fact is that this occurred in the face of a border conflict, which under normal circumstances should have unnerved even the most hardened investor. But our Sensex just like the people of this great nation has always proven to be amazingly resilient and barring yet another political deadlock, it does seem that the Sensex surge will sustain for a while.
With the Indian economy finally looking up after a fairly prolonged recessionary phase, the year 2000 could herald the dawn of a new era at the bourses. Slowly but surely, strong Indian promoters are emerging onto the scene and it is only a matter of time before the world admires the true genius of the Indian people. The stars of the 1990s on the corporate front are no nonsense professionals like Narayana Murthy of Infosys Technologies and Anji Reddy of Dr Reddy a Labs. Another likely entrant into this elite club I feel could be Arun Jain of Polaris. Software Labs, whose public issue is slated to hit the market shortly. Unlike the many run of the mill and flashy promoters I have met during the course of my professional assignments, Arun Jain stands out. Bookmark this name as my hunch is that we will be hearing a lot about this self-made entrepreneur in the years to come.
Now during the ongoing rally at the bourses a couple of winners have gone relatively unnoticed. Two of them are Birla 3M and Paper Products. Let us zero in on these companies to comprehend what really makes them tick. The bottomline here is that it could give us a clue as to whether these companies merit investment attention as and when their prices dip.
Birla 3M was incorporated in 89 as a trading company and is a joint venture between 3M and Zenith Ltd, an Ashok Birla group company. 3M is a majority shareholder with a 51 per cent stake followed by the Ashok Birla group with a 33 per cent stake. The balance is held by the public. Birla 3M now has one unit in Bangalore and is proposing to set up another at Pune during the current year. It manufactures speciality tapes, adhesives telecom connectors and autographies at its Bangalore plant. It has a range of over 300 products. Birla 3M sells locally manufactured products and also trades on products imported from its parent. Birla 3M has introduced only a small percentage of 3Ms product portfolio. The company plans to introduce more products in next few years. 3M has a strong brand equity in any of its products which can be capitalised by Birla 3M. 3M recently received FIPB permission to acquire a further 26 per cent stake in Birla 3M from the Birlas. New products may be introduced in Indian markets at a vigorous pace and also could become a centre for global sourcing. Overall, the prospects of this company seem quite bright.
Paper Products Ltd., which is engaged in the flexible packaging segment has done well to consolidate its position in the industry by adding more capacities through phased expansions. PPL commenced operations nearly four and a half decades ago, and is now a leading supplier of laminates and coated paper. The company has one fully integrated manufacturing complex at Silvassa, where capacities are being added up in phases. PPL also has a unit in Nagpur for extrusion coating and converting paper.
The recent currency
meltdown experienced by the South-East Asian countries
worsened the scenario on the exports front for the
company. With sourcing from Indonesia and nearby nations
proving to be much cheaper than that from India, it is
likely that there may not be a growth in exports during
the current financial year. All this is happening while
the industry is facing difficulties from growing
competition from South-East Asian countries and the
oversupply situation in the domestic market too. However,
the company may gain from the expansions it has
undertaken and it also enjoys locational advantages. But
first and foremost, the industry has to step out of
recession, which it now seems to be on the verge of
doing. Hence, keep an eye on this counter.
THE Food and Drug Administration in the USA announced this year a new regulation to provide for a standardised labelling format for all non-prescription drugs. The new improved labelling is meant to help consumers understand the proper usage of drugs, their benefits and risks. The new format, for example, will give all vital information about the drug in a language that is easily understood by consumers. It will not use words like indications, but instead simply say uses. It will give the name of the drug, its active ingredients, its use, side-effects, dosage, food or medicines to be avoided while taking the drug, etc, in a simple language and also give a telephone number on which consumers can get more information if necessary.
I mention this regulation to emphasise the need for a similar labelling on drugs sold in India. We, in fact, need to have better label information on all drugs, not just over-the-counter or non-prescription drugs. Besides the active ingredient, the label must indicate the uses of the medicine or what it is generally prescribed for, in a language and in a manner that is easy to read and understand.
This is particularly important because there are many drugs with similar sounding brand names and therefore information on their usage will help prevent consumption of wrong medicine by consumers. Take the case of Ms Chandni Luthra, who was prescribed a drug to control blood pressure and the pharmacist gave instead a high dose of sleeping tables. If only the label had indicated the use, it would have saved her from the adverse effects of consumption of wrong medicine.
Similarly, the label has to indicate the dosage requirements and warning on continued use. An overdose of even commonly used analgesics could have serious consequences and it is therefore important that the person consuming it is made aware of it. Side-effects and warnings are equally important. Some medicines should not be taken by persons who may be on medication for certain other ailments, or by people who have certain allergies, by pregnant women, by children below 12 years of age. All these warnings should be clearly indicated on the label.
Again drug interactions could be dangerous and life-threatening, but not many consumers are aware of it. Similarly, there are any number of cases of children consuming drugs meant for adults, with disastrous consequences. There should be adequate warning against that.
However, I must emphasise here that the information provided on the label should be easy to read. Otherwise it is of no use. And where a consumer is illiterate and cannot read the instructions, it should be the responsibility of the person prescribing the medicine as well as the one dispensing it, to read out the information given on the label. However, for all this to happen, consumers should lobby for better levelling laws.
And till that comes about, here are some safety precautions that one should take while consuming medicines:
(a) Even for non-prescription drugs that you may generally take for say headache or fever or body-ache, ask your doctor about dosage, adverse effects of long usage and over dosage. Also check whether it should be taken after food or before food. Some medicines should not be taken on an empty stomach. Some do not go well with milk. Carbonated cola drinks should be strictly avoided for certain others. Check all these factors. If you have problems like high blood pressure, diabetes or acidity, or if you are on any other medication regularly, it is very important that you mention this to the doctor. And follow his/her advice. Do not be under the impression that non-prescription drugs are safe.
(b) You must follow a similar method of cross-checking with your doctor whenever you are prescribed a new medicine. Do not hesitate to ask questions about the medicine, its active ingredient, its dosage and side effects, if any. And then ensure that the medicine sold to you matches the prescription.
(c) You will have to be extra-careful while administering medicines to children, particularly about dosage. If you cannot follow the doctors prescription on dosage, do not hesitate to ask and clarify your doubts. In the USA sometime ago, a child who was to receive 20.4 mg of a medication, cisplatin, was administered 204 mg because while writing the prescription, the doctor had forgotten to put the decimal point. The child died.
(d) Never take two different medicines together. There could be adverse drug interaction. Together, two ingredients in the medicines could create a lethal combination, or if both medicines have ingredients that treat the same condition, the combined effect of both the drugs could cause a stronger than recommended effect or even harmful side effects. Or one drug may inhibit the effect of another taken at the same time. This could adversely affect the drugs ability to work.
Q: I invested Rs 40,000 in UTIs M.I.P. III 93 in July, 1993 and received Rs 81,500 in July, 1998. Please let me know whether this profit of Rs 41,500 will be counted as interest income or capital gain income under cost inflation in my1998-99 income-tax return.
J.N. Gupta, Bhiwani
Ans: On the facts stated by you the treatment of the income will be as interest income. This is because of the fact that the mutual fund investment by you is in monthly income plan, whereby the rate of interest is fixed one. Thus, this amount cannot be treated as long-term capital gain.
Q: I wish to give some money out of my retirement benefits to my major sons for construction/purchase of residential house. Kindly advise:-
(i) How much amount I can give to my each son as a gift or otherwise so that it does not attract I.T.
(ii) Can I give gift to my wife as well and how much.
(iii) For proof of gift only bank pass book entry is enough or some other documentary proof is required.
Inderjit Singh, Chandigarh
Ans: You will be happy to note that w.e.f 1.10.98 gift-tax has been abolished. Thus, there is no liability to payment of gift tax in respect of gift which you will like to make. Hence, you can give as much money as you like to your sons on account of gift. It is advisable that while giving the gift you also write a letter to the donee mentioning the details of the gift given given by you and get it accepted. This letter would be enclosed with the income-tax return of the donee. You should not make any gift to your wife. Although the gift to the wife is gift-tax free but the income arising from such gift will be clubbed with your income in view of the provisions of Section 64 of the Income-tax Act, 1961.
Q: I have deposited Rs 30,000 in MIS account in post office on which I am getting monthly interest of Rs 325 which I am reflecting in my income-tax return. I have opened an R.D. account of Rs 325 denomination and under instructions the interest of the MIS account is automatically credited in R.D. A/c every month. On maturity I would have credited Rs 19,500 in the R.D. A/c and would be getting Rs 27,085. Will the interest of Rs 7,585 be taxable? If so, is the same to be shown in lump sum in the year of maturity or is it to be shown annually, as is the case of interest on KVP/IVP and at what rate?
Dr Meenakshi Rani, Garhikota
Ans: The income of Rs 7,585 would be taxable. It is advisable that this income is shown in the income-tax return year after year on annual accrual basis.
Q: My grand daughter died in road accident. The court has given a compensation of Rs 99,000 to her parents. Kindly advise:-
(i) Whether this amount is part of income as father and mother of the child; both are income-tax assesses.
(ii) If this amount is taxable, how is it to be appropriated in income-tax return of father and mother otherwise, which section of Income-tax Act is applicable for exemption.
(iii) If this amount is deposited in a bank on long term basis and the interest accrued thereon is donated to some school for providing scholarship to poor children or some charitable institution, on regular basis, what would be position of this annual interest, in eyes of Income-tax Act.
Dharam Pal Chaddha, Chandigarh
The compensation received on account of grand
daughters death in road accident will not be a
taxable income. However, later on the interest accuring
from the bank will be treated as the income of the person
in whose name the bank deposit has been made. If the
deposit of the money is made in the name of the father,
the income arising from interest will be treated as
income of the father. Reversely, if the amount is divided
in the name of the father and the mother, the income will
start accruing both to the father and the mother.
However, the terms of compensation granted by the court
are more relevant to decide as to who is the owner of the
money received in compensation.
Q: Whether the plaint is to be signed by all the Trustees and notice of demand has also to be given on behalf of all the Trustees?
A: Gujarat H.C. in Shree Sanand Vijay Ansur Juda v Heirs of Fakir Mahomed Sardarbhai (1999 (1) R.C.J. 392) held thus:
The plaintiff is a registered trust having Managing Trustee. One Shivaben was the owner of the suit premises. She executed registered Gift Deed on 11.8.72 creating a trust in favour of the plaintiff. The gift was accepted. Deceased Fakir Mahomed was the tenant to the previous owner. Since 5.4.73 the rent was not paid to the plaintiff in spite of repeated demand. Consequently notice was served and tenancy was determined. More than six months rent remained due which was not paid after service of notice of demand nor any reply was given. Accordingly the suit for eviction was filed and for arrears of rent and mesne profit.
The Trial Court dismissed the suit. The First appellate Court did recognise the trust but held since it was not established by the plaintiff that the plaint was signed by all the trustees and notice of demand and eviction was also given on behalf of all the trustees, the plaintiff trust was not entitled to decree of eviction. Accordingly the appeal was dismissed.
In the revision before the H.C. now, the HC felt that the lower Appellate Courts first duty was to ascertain who were the trustees on the date of notice and also on the date when the suit was filed. Full guidelines are given in Atmaram Ranchhodbhai v Ghulamhusain Gulam Mohiyaddin (1972) 3 GLR 828. These were not followed. Blame was fastened on the plaintiff. No doubt it was the duty of the plaintiff to establish as to who were the trustees on the date of the suit as well as on the date of service. But this duty could not be effectively discharged because there was no contest in the written statement that the notice was not signed by all the trustees and the plaint was not signed by all the trustees. The original record shows that the plaint was signed by seven trustees. It is so mentioned by the lower Appellate Court in its judgement also.
The H.C. held that in
view of this confusion it is just and expedient that an
opportunity should be given to the revisionist to file
additional evidence to establish who were the actual
trustees. The case in that way was remanded back.
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