https://www.taxtmi.com/caselaws?id=96803 An allotment of shares is not voidable merely because an applicant did not pay the application money stated in the prospectus, where the statutory minimum subscription requirements for the first allotment were satisfied. The court held that Sections 101 and 102 of the Companies Act, 1913 did not impose an additional prohibition against such allotment once the first allotment had been regularly made. As no fraud was alleged and the matter was not brought under Section 38, the challenge to avoid the allotment failed and no relief was granted. en-us Tue, 11 Jul 1939 00:00:00 +0530 Wed, 11 Jan 2012 12:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96803 An allotment of shares is not voidable merely because an applicant did not pay the application money stated in the prospectus, where the statutory minimum subscription requirements for the first allotment were satisfied. The court held that Sections 101 and 102 of the Companies Act, 1913 did not impose an additional prohibition against such allotment once the first allotment had been regularly made. As no fraud was alleged and the matter was not brought under Section 38, the challenge to avoid the allotment failed and no relief was granted. Case-Laws Companies Law Tue, 11 Jul 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96803