https://www.taxtmi.com/caselaws?id=98902 The plaintiff lacked locus standi to challenge the forfeiture of shares as they were not registered as the legal owner. The resolution authorizing notices did not constitute a valid forfeiture resolution. The plaintiff was entitled to the return of Rs. 45,000 paid under a contract. The suit was not time-barred as it was filed within three years of the contract's rescission. The lower court's decree was modified to grant the plaintiff recovery of Rs. 45,000 with interest at 5% per annum. The appeal was allowed in part, with each party bearing their own costs. en-us Mon, 22 Nov 1971 00:00:00 +0530 Tue, 24 Jan 2012 15:26:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98902 The plaintiff lacked locus standi to challenge the forfeiture of shares as they were not registered as the legal owner. The resolution authorizing notices did not constitute a valid forfeiture resolution. The plaintiff was entitled to the return of Rs. 45,000 paid under a contract. The suit was not time-barred as it was filed within three years of the contract's rescission. The lower court's decree was modified to grant the plaintiff recovery of Rs. 45,000 with interest at 5% per annum. The appeal was allowed in part, with each party bearing their own costs. Case-Laws Companies Law Mon, 22 Nov 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98902