https://www.taxtmi.com/caselaws?id=97538 Subscription to a company's memorandum of association was treated as taking up the shares stated against the subscriber's name on incorporation, so no separate application or formal allotment was required. On that basis, the subscribers became members and shareholders under the Indian Companies Act, 1913. After the commencement of winding up, a person whose name remained on the register was liable as a contributory under the statute, and could not avoid that liability by relying on the absence of an enforceable allotment contract or on failure to rectify the register before liquidation. The objections to inclusion in the contributory list therefore failed. en-us Tue, 20 Aug 1957 00:00:00 +0530 Tue, 17 Jan 2012 11:47:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97538 Subscription to a company's memorandum of association was treated as taking up the shares stated against the subscriber's name on incorporation, so no separate application or formal allotment was required. On that basis, the subscribers became members and shareholders under the Indian Companies Act, 1913. After the commencement of winding up, a person whose name remained on the register was liable as a contributory under the statute, and could not avoid that liability by relying on the absence of an enforceable allotment contract or on failure to rectify the register before liquidation. The objections to inclusion in the contributory list therefore failed. Case-Laws Companies Law Tue, 20 Aug 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97538