https://www.taxtmi.com/caselaws?id=101070 A share allotment made without prior Central Government consent under the Capital Issues (Control) Act, 1947 was held void ab initio because the statutory prohibition covered the creation and issue of capital as well as allotment. The court treated the 22 March 1974 resolution as an operative allotment proposal, with later resolutions only as follow-up acts that could not validate the initial illegality. Estoppel could not sustain a transaction that was void from the outset, and later participation in corporate acts did not cure the breach. The rectification order was therefore upheld. en-us Thu, 22 Dec 1983 00:00:00 +0530 Wed, 08 Feb 2012 14:09:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101070 A share allotment made without prior Central Government consent under the Capital Issues (Control) Act, 1947 was held void ab initio because the statutory prohibition covered the creation and issue of capital as well as allotment. The court treated the 22 March 1974 resolution as an operative allotment proposal, with later resolutions only as follow-up acts that could not validate the initial illegality. Estoppel could not sustain a transaction that was void from the outset, and later participation in corporate acts did not cure the breach. The rectification order was therefore upheld. Case-Laws Companies Law Thu, 22 Dec 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101070