allotment of shares
This query is : Resolved
13 September 2009
within how many days shares are to be allotted to shareholders after receipt of application money by the company.
and as per which act.
pls reply ASAP
and as per which act.
pls reply ASAP
13 September 2009
Allotment must be made within a reasonable period of time. What is reasonable time must remain a question of fact in each case. On the expiry of reasonable time, section 6 of The Indian Contract Act, 1872 becomes applicable and the application must be deemed to have ben revoked.
Citation : - Karachi Oil Products Ltd Vs. Kumar Shree Narendrasinghji (1948) 18 Comp cases 215 (Bom).
In the above case the court held that allotment after an year from the date of application is ineffective.
Citation : - Karachi Oil Products Ltd Vs. Kumar Shree Narendrasinghji (1948) 18 Comp cases 215 (Bom).
In the above case the court held that allotment after an year from the date of application is ineffective.
Ankur Garg
(Expert)
14 September 2009
Agree
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