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1963 (5) TMI 30 - SC - Companies LawWhat is the meaning to be ascribed to the word " allotment" occurring in section 75(1) of the Companies Act, 1956 ? Held that:- The word "allotment" in section 75(1) must be understood without reference to sub-section (5) in the same way as that word in section 104(1) had to be understood without reference to sub-section (4) of that section. It is safer to read sub-section (5) of section 75 as having been enacted ex abundant cautela, that is to say, to prevent any argument being raised that a return has to be filed of the reissued shares forfeited for non-payment of calls. We also agree with the view expressed in the High Court that the reason why only forfeiture for non-payment of calls was mentioned in section 104(4) of the Act of 1913 and section 75(5) of the present Act is, that there has always been a great deal of doubt, as will appear from the difference of opinion in the Calcutta High Court to which we have earlier referred, as to whether there can be any forfeiture of shares except for non-payment of calls which latter case had been expressly provided for by the statute. Appeal dismissed.
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