https://www.taxtmi.com/caselaws?id=97114 The High Court ruled that promoters were not entitled to special benefits under Article 100 from the sale proceeds, as they were considered capital, not profits. The court held that promoters who had sold their shares could not claim special benefits, emphasizing the link between entitlement and shareholding status. Legal representatives or assignees of deceased promoters were deemed eligible to claim benefits valid under the articles of association. The court directed unclaimed funds to be deposited in the court for shareholders or their legal representatives to claim, with costs awarded to all parties from the liquidator's assets. en-us Tue, 20 Mar 1951 00:00:00 +0530 Sat, 14 Jan 2012 11:08:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97114 The High Court ruled that promoters were not entitled to special benefits under Article 100 from the sale proceeds, as they were considered capital, not profits. The court held that promoters who had sold their shares could not claim special benefits, emphasizing the link between entitlement and shareholding status. Legal representatives or assignees of deceased promoters were deemed eligible to claim benefits valid under the articles of association. The court directed unclaimed funds to be deposited in the court for shareholders or their legal representatives to claim, with costs awarded to all parties from the liquidator's assets. Case-Laws Companies Law Tue, 20 Mar 1951 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97114