https://www.taxtmi.com/caselaws?id=343536 A company's first and paramount lien under its Articles of Association bound shareholders and permitted enforcement against shares for debts due from a shareholder. The Tribunal upheld cancellation of the shareholder's shares under the relevant Articles, finding no demonstrated lack of corporate authority to exercise the lien. Lien notices sent to the registered address were returned marked "door locked"; the returned covers evidenced an attempt to notify the shareholder. The shareholder's assertion of non-receipt did not displace the cancellation, particularly because the challenge was not made promptly after the cancellation was disclosed. The Company Petition was dismissed. en-us Tue, 11 Apr 2017 00:00:00 +0530 Wed, 16 Aug 2017 13:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=343536 A company's first and paramount lien under its Articles of Association bound shareholders and permitted enforcement against shares for debts due from a shareholder. The Tribunal upheld cancellation of the shareholder's shares under the relevant Articles, finding no demonstrated lack of corporate authority to exercise the lien. Lien notices sent to the registered address were returned marked "door locked"; the returned covers evidenced an attempt to notify the shareholder. The shareholder's assertion of non-receipt did not displace the cancellation, particularly because the challenge was not made promptly after the cancellation was disclosed. The Company Petition was dismissed. Case-Laws Companies Law Tue, 11 Apr 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=343536