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PETITIONER: SHA MULCHAND & CO. LTD.(IN LIQUIDATION)
Vs.
RESPONDENT: JAWAHAR MILLS LTD.
DATE OF JUDGMENT: 09/12/1952
BENCH: DAS, SUDHI RANJAN BENCH: DAS, SUDHI RANJAN MAHAJAN, MEHR CHAND BOSE, VIVIAN HASAN, GHULAM
CITATION: 1953 AIR 98 1953 SCR 351 CITATOR INFO : RF 1954 SC 526 (36) R 1964 SC 752 (14) R 1965 SC 540 (9) F 1967 SC 990 (4) RF 1969 SC 474 (2) R 1969 SC1335 (8,9,10) RF 1977 SC 282 (17)
ACT: Company-Forfeiture of shares-Necessity of due notice- Application by shareholder to rectify register-Long delay Acquiescence, waiver and laches-Abandonment of right to question validity of forfeiture-Application for rectification of register-Limitation Limitation Act, 1908, Arts. 48, 49, 120,181, applicability of Companies Act, 1913, ss. 38, 247.
HEADNOTE: A private limited company of which G and S were the only two members owned 5,000 shares in a Mill. The company did not pay the calls and the 5,000 shares held by them were forfeited on the 5th September, 1941, and re-allotted to other persons on the 16th November. Notice of the forfeiture was sent to the company on the 10th September but this was returned undelivered. In the meantime the company was struck off the Register under s. 247 of the Companies Act with effect from 9th September. On the application...