TaxTMI 
TaxTMI 
1935 (1) TMI 20
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....rs Patent appeals Nos. 119, 120 and 121 of 1934 as they proceed on identical grounds. The facts bearing upon the point of law involved in these cases are as follows: - Certain shares of the Jagraon Trading Syndicate, Limited, were duly allotted to the respondents in all the three appeals on their applications. On the 15th February, 1930, these shares were, however, forfeited on default of payment....
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....pectively. On appeal to this Court Bhide, J., held that the applications were time-barred inasmuch as they had not been made within three years after the forfeiture of the shares. It is against this order that the liquidators have filed the three appeals now before us. We have heard counsel for the parties and have arrived at the conclusion that the decision of the learned Judge cannot stand. Sec....
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....1930, and the forfeiture hade been made on the 15th February, 1930. It is well settled now that Section 156 imposes new rights and liabilities upon shareholders as soon as the liquidation proceedings start. As laid down in several authorities on the subject as soon as a company goes into liquidation, this section saddles the shareholders with a new liability in respect of unpaid calls and such unp....
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.... where a Bench of the Bombay High Court had laid down that Section 61 of the Indian Companies Act (VI of 1882) created a new liability in the shareholders and that that liability included contribution, not only in respect of calls made since the winding-up, but also in respect of unpaid calls made before the date of the winding-up, whether barred by limitation at that date or not. The Allahabad c....