https://www.taxtmi.com/caselaws?id=96703 Validity of allotment turned on whether assent was unconditional and the statutory payment on application was made; the HC found the plaintiffs' application forms were annexures to a letter making assent conditional and that conditions remained unfulfilled when the directors proceeded, and no payment accompanied the applications. Applying the statutory rule that a minimum payment on application is required for post first allotments, the court treated an allotment made without the requisite payment as invalid. The court granted declaratory relief and rectification of the register, holding the plaintiffs were not shareholders or directors. en-us Thu, 16 Jan 1936 00:00:00 +0530 Tue, 10 Jan 2012 14:43:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96703 Validity of allotment turned on whether assent was unconditional and the statutory payment on application was made; the HC found the plaintiffs' application forms were annexures to a letter making assent conditional and that conditions remained unfulfilled when the directors proceeded, and no payment accompanied the applications. Applying the statutory rule that a minimum payment on application is required for post first allotments, the court treated an allotment made without the requisite payment as invalid. The court granted declaratory relief and rectification of the register, holding the plaintiffs were not shareholders or directors. Case-Laws Companies Law Thu, 16 Jan 1936 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96703