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1935 (10) TMI 5 - MADRAS HIGH COURTExtract: .......ires the transferee of property for an illegal purpose to hold it for the benefit of the transferor who is not as guilty as himself would be applicable. The subscribers would in this view be entitled to recover what was actually paid by them and Clause (13) of Ex. I(a), the kuri regulations, does not exclude the personal liability of the promoters.
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