1955 (4) TMI 18

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....of Ambala. A sum of Rs. 25 remains unpaid on each of these shares and his total liability is therefore Rs. 2,500 plus Rs. 353-2-0 which is claimed to be due as interest. The facts do not appear to be seriously in dispute. The shares in question were held by Rai Bahadur Lala Banarsi Das who died on the 9th of March, 1938. Under the terms of his will Rajeshwar Parshad, petitioner, was appointed as his executor but apparently there was a long delay in obtaining probate with regard to the will. In the mean time dividends were declared by the bank and continued to accumulate on the shares, but it does not seem that until 1948 any serious effort was made by the petitioner to claim the arrears of dividends. Sometime in 1948 the petitioner was i....

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....e clear and in fact the learned counsel for the petitioner did not press as part of his claim and stated that the petitioner would be quite content if he were allowed to set off the sum of Rs. 1,500, which accrued in subsequent years. At the same time it may be observed that no claim for interest can be entertained in view of article 168 which reads : - "Unpaid dividends shall never bear interest as against the company." As regards the claim to set off Rs. 1,500, the learned counsel for the petitioner relied on the provisions of section 156(1)(vii) of the Companies Act. The introductory portion of sub-section (1) reads : - "In the event of a company being wound up every present and past member shall, subject to the provisions of th....