AI Drafter - (New and Powerful) 
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter. 
TaxTMI 
TaxTMI 
1939 (1) TMI 9
X X X X Extracts X X X X
X X X X Extracts X X X X
....spondent. JUDGMENT Burn, J. - In my opinion the dismissal of the suit by the learned Subordinate Judge was correct. The defendant subscribed for 20 shares in the memorandum of association and therefore by section 30 sub-section (1) of the Companies Act, he must be deemed to have agreed to become a member of the Company and on registration of the Company, his name must be entered as a member ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....red in the register of members." Mr. Rangaswami Ayyangar also refers to the prospectus which was published later in which there is a statement on page 1 that 517 shares to the value of Rs. 12,925 have already been subscribed for by the signatories to the memorandum and allotted, and on pages 6 and 7 of the prospectus, the number of shares taken by each of the signatories to the memorandum is se....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nt by the plaintiff on the 8th of March 1937, informing him that his shares had been forfeited, that the shares of which he was registered as owner were shares numbered from 121 to 140. But the learned Counsel for the petitioner is not able to show me any resolution in the Minutes Book of the Board of Directors allotting shares numbered 121 to 140 to the defendant. I have looked through the book a....