1943 (10) TMI 15

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....eed of transfer was stamped with two one-anna revenue stamps only and therefore clearly it was not "duly stamped." On the strength of this document, however, Lachnu Debi made an application to the directors of the company for the registration of her name in place of the appellant and her name was eventually registered. This registration took place by reason of a resolution which was passed at a meeting of the directors held on 30th May 193/. At this meeting the directors present were the transferor himself and two others and it was resolved that the transferee be registered in respect of 501 shares. On 4th January 1039, an application was made for winding up the company and after the commencement of the winding up proceedings the Official ....

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....d that any such instrument not being an instrument chargeable with a duty of one anna or half an anna only, or a bill of exchange or promissory note, shall, subject to all just exceptions, be admitted in evidence on payment of the duty with which the same is chargeable, or, in the case of an instrument insufficiently stamped, of the amount required to make up such duty, together with a penalty of Rs. 5, or, when ten times The amount of the proper duty or deficient portion thereof exceeds Rs. 5, of a sum equal to ten times such duty or portion." In the present case the learned Judge has directed 1he document to be impounded and the Registrar to realise the penalty payable under Section 35 of the Act. The appellant is prepared to pay the amo....

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....e name of a person was placed on the register in respect of certain shares by reason of a contract which was impugned as being illegal. Their Lordships of the Privy Council held that even assuming that the agreement was illegal, the person whose name was registered had to be regarded as a contributory. The observations which they made on this subject were as follows: "Whatever may have been the rights and liabilities of the testator before winding up intervened, the position was altered by the happening of that event. At the commencement of the winding up he was and had for over three years been entered on the register of shareholder as the holder of the shires now in question with his full knowledge and assent. On the winding up, Section ....