1981 (9) TMI 247

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....J. - We accepted this appeal and set aside the impugned order on September 3, 1981, with the direction that reasons will follow later. There was no order as to costs. Here are our reasons. M/s. Security & Finance (P) Ltd. was under liquidation. The official liquidator filed a claim on March 20, 1972, under section 446(2)(b) of the Companies Act, 1956, that Smt. Pushpa Wati Puri, wife of the for....

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.... demands between the parties, a period of three years begins to run from the close of the year in which the last item admitted or proved is entered in the account; such year to be computed as in the account. Excluding the time specified in section 458A of the Companies Act, 1956, the claim falls within limitation. The learned company judge by his order of May 23, 1979, accepted the contention t....

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....st due and paid in December, 1957. A sum of Rs. 2,000 was paid to Mrs. Puri, leaving a credit balance of Rs. 150 in her favour on December 23, 1957. After a gap of two years, entries began to reappear on December 30, 1959; she is shown to have taken a loan for purchase of 560 equity shares of Delhi Financiers P. Ltd. and 690 equity shares of Globe Motors P. Ltd. The total debit balance for the yea....

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.... the year 1966, there are credits to the extent of Rs. 45,000 and there is cash paid to the respondents of Rs. 5,000 on December 14, 1966. In the year 1967, on March 31, two items of credit by transfer from the account of B.K. Bedit have been shown. The resultant debit balance on March 31, 1967, stood at Rs. 1,01,98860. There is no entry after March, 1967. A bare look at the aforesaid account, ....