https://www.taxtmi.com/caselaws?id=96755 Section 235 of the Indian Companies Act, 1913 applies only to persons proved to have taken part in the formation or promotion of the company, or to directors, managers, liquidators or other officers within the statutory class. A mere subscriber to the memorandum, even if the subscription money was later used for formation expenses, is not thereby a promoter. Likewise, a company broker whose role is confined to share dealings and who has no part in management is not an officer for this purpose. On that basis, proceedings could not be maintained against the respondents under section 235, and liability was excluded. en-us Tue, 28 Sep 1937 00:00:00 +0530 Tue, 10 Jan 2012 17:52:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96755 Section 235 of the Indian Companies Act, 1913 applies only to persons proved to have taken part in the formation or promotion of the company, or to directors, managers, liquidators or other officers within the statutory class. A mere subscriber to the memorandum, even if the subscription money was later used for formation expenses, is not thereby a promoter. Likewise, a company broker whose role is confined to share dealings and who has no part in management is not an officer for this purpose. On that basis, proceedings could not be maintained against the respondents under section 235, and liability was excluded. Case-Laws Companies Law Tue, 28 Sep 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96755