Court : Andhra Pradesh
Decided on : Jul-29-1959
Reported in : AIR1960AP123; 30CompCas437(AP)
..... came and the company had to be wound, up. after satisfying the debentures, there was not sufficient money to pay the ordinary creditors. in the ..... carry on business in the name of the company with limited liability contrary to the trade intent of the companies act of 1862 and to get preference over other creditors of the company by procuring a first charge on the assets by means of such debentures and that the creditors were unaffected by ..... to his wife and children one each.in part payment of the purchase money, debentures forming floating security were issued to saloman and these shares gave him the power of voting and all the requirements of the companies act were observed. the business was conducted for a while. then, bad times ..... validity of the certificate, even assuming that the conditions of registration were not fulfilled.32. the same concept underlies section 35 of the indian companies act. this section gives legislative recognition to the dicta of the judicial committee in ilr 40 cal 1 extending the conclusiveness of the certificate to ..... other arrange in eats.on appeal, the house of lords reversed that judgment. the learned law lords could not subscribe to the rule stated by the court of appeal 'that the act .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Oct-17-1959
Reported in : AIR1960AP273
..... , if any.i further understand that he has pledged with you 9100-b, ordinary fully paid up shares which he held in the andhra cement company limited, rezwada on 22nd september, 1947 to secure overdraft account. kindly furnish me the particulars as to the rate of interest and the amount now ..... cause of action against it. the 3rd defendant company filed a written statement pleading that it had done nothing to prejudice the interests of the parties concerned, that it was not a necessary party ..... contended that the suit for a mere declaration with regard to the sale of shares was misconceived and not maintainable in law. the 2nd defendant-company while adopting the main contentions of the 1st defendant pleaded that it is a bona fide purchase for value and that the plaintiff had no ..... the pledge. she, therefore, prayed for a de deration that her right to redeem the pledge remained unaffected and for an injunction restraining the 3rd defendant company from recognising and registering the shares.2. the 1st defendant-bank contended in its written statement; first, that inasmuch as on her own admissions the late ..... a share is not a mere chose in action. section 137 of the transfer of property act clearly states that chapter viii of the act dealing with transfer of actionable claims will not apply to stocks, shares or debentures, or to instruments which are for the time being by law or custom, negotiable. or .....Tag this Judgment!