https://www.taxtmi.com/caselaws?id=96641 A syndicate arrangement involving more than twenty persons to deal in and sell bales, with profits and losses shared among members, was treated as an unlawful association not registered as a company, attracting the statutory bar under Section 4(2) of the Companies Act. The pleadings did not establish any fresh simple-sale contract or novation independent of the original syndicate agreement, so the claim remained founded on rights arising from the prohibited association. The suit was therefore barred and could not be maintained on the basis of that arrangement. en-us Tue, 20 Feb 1934 00:00:00 +0530 Tue, 10 Jan 2012 10:30:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96641 A syndicate arrangement involving more than twenty persons to deal in and sell bales, with profits and losses shared among members, was treated as an unlawful association not registered as a company, attracting the statutory bar under Section 4(2) of the Companies Act. The pleadings did not establish any fresh simple-sale contract or novation independent of the original syndicate agreement, so the claim remained founded on rights arising from the prohibited association. The suit was therefore barred and could not be maintained on the basis of that arrangement. Case-Laws Companies Law Tue, 20 Feb 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96641