Madhusudan_Das

His Life and Achievements 131
paid Rs.l00/-. I have not paid since March last as I suspended
my practice. Mr. Hazra was not my 'Benamidar'.
After stating these facts M.S.Das had to explain and defend the
real state of his insolvency refuting at the same time his creditor's charge
against him regarding 'benamidari' and concealment of property. His
defence relating to the Utkal Tannery and his residential house at Cuttack
is discussed in the first phase of this paper.
Among several industries started by him the Utkal Tannery was
established at his 'own-cost' at Cuttack. Most of his debts were contracted
for the tannery. The tannery had its accounts showing its actual expenses
but was not in a position to show of how much of Mr. Das's borrowed
money was spent on this project and how much for his own self.' He was
not its director but the vendor. This company which was founded by his
capital failed to pay (Mr. Das) the money due to him as its founder.
Therefore Mr. Das was unable to pay his private dues. So long as the
tannery was under his supervision it was not incurring loss. It. of course,
never worked at a profit. To earn profits it had to be organised on a large
scale by floating share capitals to the public. This was undertaken a little
before the company assessed at Rs. 2.50.000/- but was undersold in
execution of a decree for Rs. 65.000/- to Cox & Co. The shares from the
public to the extent of a lakh of rupees were received by the directors of
the Company through the bank. After the sale of the tannery it earned the
ill reputation of not paying its workers and managers as per the previous
practice. Two of its managers Mr. S.P.Ghose and Mr. Ishmeal being not
paid for some time had sued Mr. Das on wrong grounds when the company
had already become the property of Cox & Co. While Mr. Das was to get
Rs.2.45.000/- plus the value of the stock in trade, he was offered only Rs.
50,000/- as the price of goodwill for the company sold to Cox & Co.
Thus. Mr. Das was landed in bankruptcy on account of the Utkal Tannery
he had founded.
The real purpose and spirit behind the establishment of the Utkal
Tannery was to set an example before the downtrodden Oriya nation in
the sphere of self-employment and industrial development of Orissa, at
large. So the Company was started for the sake of the Oriya nation. It was
not meant to augment the personal fortunes of Mr. Das. He had substantial
earnings as a vakil and as a minister for some time. Besides, being a lone
figure in the world of family relations, he was far away from the allurement
of accumulating personal fortunes. This has been proved in the