https://www.taxtmi.com/caselaws?id=97030 Share forfeiture under the Articles of Association requires a clear notice specifying the amount due, a definite payment deadline and the consequence of non-payment. A notice lacking these particulars cannot validly support forfeiture, and a subsequent sale founded on invalid forfeiture does not defeat the shareholder's rights merely because managing agents possess company powers. Where improperly forfeited shares have been sold, the former holder's remedy may be confined by the Articles to damages against the company. The proceedings were remanded for fresh determination after permitting amendment of the plaint to claim damages. en-us Sat, 16 Apr 1949 00:00:00 +0530 Fri, 13 Jan 2012 17:09:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97030 Share forfeiture under the Articles of Association requires a clear notice specifying the amount due, a definite payment deadline and the consequence of non-payment. A notice lacking these particulars cannot validly support forfeiture, and a subsequent sale founded on invalid forfeiture does not defeat the shareholder's rights merely because managing agents possess company powers. Where improperly forfeited shares have been sold, the former holder's remedy may be confined by the Articles to damages against the company. The proceedings were remanded for fresh determination after permitting amendment of the plaint to claim damages. Case-Laws Companies Law Sat, 16 Apr 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97030