https://www.taxtmi.com/caselaws?id=97093 Where a name appears on the register of members and the person has knowledge but fails to seek prompt rectification, liability to contribute on winding up arises ex lege under the company law provision governing contributories; delay and being held out as a shareholder estop denial of liability. The payment-with-application rule does not apply because the company is private, so deposit/payment provisions are inapplicable. A company resolution purportedly forfeiting shares did not remove liability where the company continued to treat the person as a shareholder and forfeiture was not effectively acted upon. en-us Tue, 23 Jan 1951 00:00:00 +0530 Sat, 14 Jan 2012 10:31:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97093 Where a name appears on the register of members and the person has knowledge but fails to seek prompt rectification, liability to contribute on winding up arises ex lege under the company law provision governing contributories; delay and being held out as a shareholder estop denial of liability. The payment-with-application rule does not apply because the company is private, so deposit/payment provisions are inapplicable. A company resolution purportedly forfeiting shares did not remove liability where the company continued to treat the person as a shareholder and forfeiture was not effectively acted upon. Case-Laws Companies Law Tue, 23 Jan 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97093