https://www.taxtmi.com/acts?id=12356 Irregular share allotments made in breach of the statutory allotment rules are voidable at the applicant's instance within the short statutory period tied to the company's statutory meeting or to the date of allotment; that right survives even if the company is being wound up. Directors who knowingly contravene or wilfully permit such breaches are liable to compensate the company and the allottee for loss, damage or costs, subject to a limitation period measured from the date of allotment. en-us Fri, 06 May 2011 17:31:29 +0530 Fri, 06 May 2011 17:31:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=12356 Irregular share allotments made in breach of the statutory allotment rules are voidable at the applicant's instance within the short statutory period tied to the company's statutory meeting or to the date of allotment; that right survives even if the company is being wound up. Directors who knowingly contravene or wilfully permit such breaches are liable to compensate the company and the allottee for loss, damage or costs, subject to a limitation period measured from the date of allotment. Act-Rules Companies Law Fri, 06 May 2011 17:31:29 +0530 https://www.taxtmi.com/acts?id=12356