RULING OF THE COURT
The applicant, Pema Holdings Limited, was and is still the registered owner of L.R. No. 4929 and L.R. No. 4744 which are two coffee farms in Makuyu (hereinafter referred to in this ruling as the subject properties). By a charge dated 30th May 1974, between the applicant and the second respondent, Standard Chartered Bank Kenya Ltd, the second respondent granted to the applicant banking facilities in the sum of Ksh.1,200,000/= for development of the subject properties. The applicant appointed the first respondent, Tropical Farm Management (Kenya) Ltd., which was then operating under a different name but which was and is allegedly a subsidiary of the second respondent, to exclusively manage the subject properties. The first respondent previously operated under the different names at different times such as East African Acceptances (Estate Management Division) Limited, Acceptances Estate Management Limited, Standard Chartered Estate Management Limited (SCEM), SCEM and F…