https://www.taxtmi.com/caselaws?id=96791 The High Court of Madras, in a case regarding a chit fund subscription, held that the applicant, despite providing securities through his brothers, remained liable for monthly subscriptions and could not escape liability even after the company's liquidation. The court rejected the applicant's arguments, citing relevant case law and emphasizing the validity of the security arrangement provided by the brothers. Ultimately, the court dismissed the application, ruling in favor of the Official Liquidator, who was allowed to recover the outstanding amount from the applicant, totaling Rs. 360, with no costs awarded in the case. en-us Wed, 19 Apr 1939 00:00:00 +0530 Wed, 11 Jan 2012 11:55:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96791 The High Court of Madras, in a case regarding a chit fund subscription, held that the applicant, despite providing securities through his brothers, remained liable for monthly subscriptions and could not escape liability even after the company's liquidation. The court rejected the applicant's arguments, citing relevant case law and emphasizing the validity of the security arrangement provided by the brothers. Ultimately, the court dismissed the application, ruling in favor of the Official Liquidator, who was allowed to recover the outstanding amount from the applicant, totaling Rs. 360, with no costs awarded in the case. Case-Laws Companies Law Wed, 19 Apr 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96791