https://www.taxtmi.com/caselaws?id=97890 The court dismissed the petition seeking a declaration that a transaction of shares was not affected by section 79 of the Companies Act. The company's reallotment of forfeited shares to managing agents at a discounted price was deemed to be issuing shares at a discount without court sanction, as required by the Act. The court held that the transaction did not comply with the provisions of section 79(2) of the Companies Act, rendering the reallotment of shares void. en-us Fri, 13 Oct 1961 00:00:00 +0530 Wed, 18 Jan 2012 14:53:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97890 The court dismissed the petition seeking a declaration that a transaction of shares was not affected by section 79 of the Companies Act. The company's reallotment of forfeited shares to managing agents at a discounted price was deemed to be issuing shares at a discount without court sanction, as required by the Act. The court held that the transaction did not comply with the provisions of section 79(2) of the Companies Act, rendering the reallotment of shares void. Case-Laws Companies Law Fri, 13 Oct 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97890