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TMI Blog1957 (12) TMI 15X X X X Extracts X X X X X X X X Extracts X X X X ..... gust, 1957, directing that a meeting of the shareholders of the company be called for the 12th of October, 1957, at its registered office at Sonepat. There were two agendas proposed by the two groups and I directed that both the agendas should be considered at the meeting and, if thought fit, resolutions might be passed in accordance with the agendas with or without modifications as may be proposed at the meeting. Shri D. N. Awasthy, advocate, was to be the chairman and Shri Satish Chander Mital, advocate, was to be the alternate chairman. After giving notice of the meeting as directed in my aforementioned order, a meeting of the shareholders was held. The chairman has submitted his report and objections have been filed on behalf of Ch. Diw ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , and Dharam Singh being in arrears, the chairman in his report stated that according to the books of the company these persons were shown to have paid their dues and there was no balance shown against them. The contention of the objector, Diwan Singh, was that the entries in the books had been forged but the chairman declined to go into this question as he considered himself to be bound by the state of affairs recorded in the books and therefore proceeded on the assumption that these three persons were not in arrears. I think the stand taken by the chairman was correct and during these proceedings the books of the company are to be treated as correct. Under section 164 of the Companies Act, 1956, the register of members and certain other d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... saction is not void because of the minority of the transferee. A large number of authorities supporting the above view were referred to in the judgment. In Collector of Meerut in charge, Court of Wards, Meerut, and Special Manager of Estate of Bibi Naushaba Begum v. Lala Hardian Singh ILR [1945] All. 204 a Division Bench of that court held that even though a minor be disqualified to enter into contract, such disqualification did not debar him from being a transferee under a conveyance. The above authorities are in point and there is no bar to a minor acquiring or holding shares in a joint stock company. In this case the shares of the minors were fully paid up and they were subject to no obligation. The respective guardians of the minors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch the vote is taken or on any other ground not being a ground set out in section 181. Under section 41(2) of the Act every person who agrees to become a member and whose name is entered in the register of members shall be deemed a member of the company. I find this objection of Shri Bhagirath Dass also to be without force. I am, therefore, of the view that the meeting which was held on the 12th of October, 1957, under the chairmanship of Shri D.N. Awasthy under my order dated the 22nd of August, 1957, was called, held and conducted in accordance with the provisions of section 186 of the Companies Act, 1956. This meeting will be deemed to be a meeting of the company duly called, held and conducted. The objections of Diwan Singh being with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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