https://www.taxtmi.com/caselaws?id=98190 The court concluded that retaining proceeds collected from past members was not justified as the company's assets were sufficient to cover debts. Therefore, the court ordered the refund of the collected amount to past members. It was decided not to enforce further contributions from past members or recover funds from preference shareholders. The costs of the application were to be covered by the estate. en-us Fri, 09 Apr 1965 00:00:00 +0530 Thu, 19 Jan 2012 15:53:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98190 The court concluded that retaining proceeds collected from past members was not justified as the company's assets were sufficient to cover debts. Therefore, the court ordered the refund of the collected amount to past members. It was decided not to enforce further contributions from past members or recover funds from preference shareholders. The costs of the application were to be covered by the estate. Case-Laws Companies Law Fri, 09 Apr 1965 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98190