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1. On 6th October 1978, the plaintiffs, through their solicitors, sent each of the defendants a letter of demand together with a draft statement of claim, contending that the defendants were liable to the plaintiffs for damages and other relief arising from the public flotation or Mohan's Property and Investment Co. Ltd. (hereafter referred to a "MPIL"), the shares of which were first publicly traded on 10th May 1973.