Court : Allahabad
Decided on : Feb-14-2008
Reported in : 2009(238)ELT554(All)
..... as under:17. it is trite law that liability of a person is dependent upon the statutory prescriptions governing such liability. sections 5 and 291 of the companies act, 1956 (in short 'companies act') are to be noted in this regard. section 5 refers to officer who is in default. section 291 on the other hand relates to general powers of ..... done away but it was provided that in addition to the memorandum of association it should adopt the model articles attached to the act and was to be registered in the register of the companies. the first companies act came to be enacted in 1862 which has been described by sir francis palmer as the 'magnacarta of cooperative enterprise'. since then ..... in 1825. at that time the following three types of companies were known: (1) companies incorporated by royal charter, (2) companies incorporated by special act of parliament; and (3) deed of settlement companies.10. british parliament passed 'joint stock companies act, 1844' which prohibited large unincorporated companies and admitted creation of joint stock companies by registration. this act, however, did not provide immunity to the members of ..... to the public to subscribe for any shares, or debentures of, the company. a company which is not a 'private company' is a 'public company'.14. for the purpose of the present case, we are concerned with the public company and, therefore, are confining our discussion to that only.15. section 12 of the act provides that any seven or more persons associated for .....Tag this Judgment!