Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2011 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (10) TMI 512 - HIGH COURT OF RAJASTHANWinding up - Transfer of share – contributor or not - applicant-Poddar Finance is holding equity shares of M/s Jaipur Spinning and Weaving Mills Ltd. and the aforesaid shares were acquired from Shree Shakti Mills Limited on 25.1.1979 - applicant contended that in terms of section 428 of the Companies Act, 1956, the holder of fully paid up shares is deemed to be a contributory – Held that:- Petition for winding-up of Shakti Mills was filed on 25.4.1978 and shares in question were transferred thereafter on 10.5.1979. Transfer of shares in question in terms of section 536(2) after commencement of winding up proceedings of Shakti Mills is void. Since the transfer of shares in question is void in view of section 536(2) of the Act, the applicant-Poddar Finance cannot be treated to be a contributory.
|