https://www.taxtmi.com/caselaws?id=97319 Section 185's summary remedy requires delivery of money or property to which the company is prima facie entitled; where a proposed scheme remained inchoate until shareholder and court sanction, no proprietary rights vested in proposed preference shareholders and the company retained legal ownership of shares and sale proceeds. A board resolution to sell and entrust proceeds to two respondents created a principal-agent relationship, not an express or constructive trust, so respondents held the funds as agents/custodians for the company. Consequently the official liquidator was prima facie entitled to require delivery of the sale proceeds under the summary procedure. en-us Wed, 24 Nov 1954 00:00:00 +0530 Tue, 09 Sep 2014 08:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97319 Section 185's summary remedy requires delivery of money or property to which the company is prima facie entitled; where a proposed scheme remained inchoate until shareholder and court sanction, no proprietary rights vested in proposed preference shareholders and the company retained legal ownership of shares and sale proceeds. A board resolution to sell and entrust proceeds to two respondents created a principal-agent relationship, not an express or constructive trust, so respondents held the funds as agents/custodians for the company. Consequently the official liquidator was prima facie entitled to require delivery of the sale proceeds under the summary procedure. Case-Laws Companies Law Wed, 24 Nov 1954 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97319