https://www.taxtmi.com/caselaws?id=96980 The High Court dismissed the appellant's claim for a refund of the amount paid for preference shares, emphasizing that the appellant received value for her shares upon sale despite the subsequent invalidity of the share issue. The court rejected the argument that a later challenge to the share issue could result in a total failure of consideration, distinguishing the case from scenarios where shareholders retained their shares. Citing the appellant's sale of shares, the court concluded that there was no total failure of consideration, leading to the dismissal of the appeal with costs. en-us Mon, 08 Mar 1948 00:00:00 +0530 Fri, 13 Jan 2012 15:09:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96980 The High Court dismissed the appellant's claim for a refund of the amount paid for preference shares, emphasizing that the appellant received value for her shares upon sale despite the subsequent invalidity of the share issue. The court rejected the argument that a later challenge to the share issue could result in a total failure of consideration, distinguishing the case from scenarios where shareholders retained their shares. Citing the appellant's sale of shares, the court concluded that there was no total failure of consideration, leading to the dismissal of the appeal with costs. Case-Laws Companies Law Mon, 08 Mar 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96980