9911796707
TMI Blog1962 (2) TMI 24X X X X Extracts X X X X X X X X Extracts X X X X ..... notice. Objections were received and the official liquidator, on going into them, found that 32 out of 54 contributories had paid the share money to the company in full. Regarding the remaining 22 contributories, his contention was that they had paid only ten per cent, of the share value and they were liable to pay the balance of 90 per cent. These contributories on their side maintained that they had also paid the balance of 90 per cent, of the share money due from them. Issues were framed by this court separately on the objections filed by the contesting respondents. The principal objection was that they had paid the entire share money due from them and they were, therefore, not liable on this account. It was also contended by some of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... into liquidation in July, 1948. The other concern was known as Punjab Building and Land Trust Private Ltd., but this concern had become defunct in Lahore prior to the partition of the country in 1947, and its head office was never transferred from Lahore to any place in India. On 16th October, 1950, and on 28th June, 1951, the total holding of the share capital was in the hands of eleven persons, and on 29th June, 1951, the number of shareholders had increased from eleven to twenty. This change was necessitated by section 6A(7) of the Insurance Act which puts a ceiling on the total paid up holding of any person in the shares of a life insurance company. As the holding of some of the shareholders was in excess of the maximum permissible, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... med to have knowledge of the fraud by the end of 1948 and, in any case, the period of limitation had expired in 1952. He also argued that this fraud had come to the knowledge of Malik Hans Raj and Prem Singh who were the agents of the company. Their knowledge and, further, the knowledge of the directors, particularly of S. Sardul Singh Caveeshar and Ram Rup Sharma, should be deemed to be the knowledge of the company and, under article 95 of the Limitation Act, the period of limitation for seeking relief on the ground of fraud is three years when the fraud becomes known to the party wronged. This argument is hardly comprehensible and cannot be sustained for the reason that the bar of limitation against the company which has been defrauded is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for shares allotted to him can, in the event of the company going into liquidation, be placed upon the list of contributories, and the liquidator can make a call upon him for what is due irrespective of any question of limitation. The issue as to limitation is, therefore, decided against the respondents. The result, therefore, is that the following respondents are settled on the list of contributories for amounts noted against each : Rs. 1.Mangal Singh 7,000 2.Ram Rup Sharma 31,400 3.Smt. Sharbati Devi 33,340 4.S. Sardul Singh 39,640 5.Kartar Singh 29,400 6.Malik Hans Raj 37,800 7.Prem Singh 37.800 8.Kish ..... X X X X Extracts X X X X X X X X Extracts X X X X
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