https://www.taxtmi.com/caselaws?id=96790 A share allotment made without payment of the mandatory 5 per cent on application under the Companies Act, 1913 is invalid, and any attempted waiver of that statutory condition is void. On that basis, the company cannot enforce later payment of the balance of the share money. The text also states that, under the Indian Contract Act, 1872, an offer may be revoked by lapse of a reasonable time where acceptance is not communicated in time; mere silence until a later demand does not amount to waiver. The stated effect is that no enforceable contract arose in the covered cases. en-us Fri, 17 Mar 1939 00:00:00 +0530 Wed, 11 Jan 2012 11:53:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96790 A share allotment made without payment of the mandatory 5 per cent on application under the Companies Act, 1913 is invalid, and any attempted waiver of that statutory condition is void. On that basis, the company cannot enforce later payment of the balance of the share money. The text also states that, under the Indian Contract Act, 1872, an offer may be revoked by lapse of a reasonable time where acceptance is not communicated in time; mere silence until a later demand does not amount to waiver. The stated effect is that no enforceable contract arose in the covered cases. Case-Laws Companies Law Fri, 17 Mar 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96790