1934 (6) TMI 22 - HC - Companies Law

Shares Power to issue of at discount and Winding up - Liability as contributories of present and post members

Summary

The Flour and Oil Mills Company went into voluntary liquidation. Shareholders are liable for unpaid calls even if the company's suit for recovery is time-barred. Shareholders' liability in liquidation is separate from pre-liquidation rights. Shares were not validly forfeited. Appeal dismissed with costs.