Vivek is correct. The date on which the winding up petition is initiated is the date to be recokned. So as per your example, the person who ceased to be a member on 5th has no liability whereas the person who ceased to be a member on 10th is liabile.
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How is one year to be reckoned in the given provision?
I missed one point. Practically, most companies are companies limited by share capital. In such companies, generally we don't find unpaid share capital and hence there is nothing due from members.
| Originally posted by : Rasesh | ||
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Vivek is correct. The date on which the winding up petition is initiated is the date to be recokned. So as per your example, the person who ceased to be a member on 5th has no liability whereas the person who ceased to be a member on 10th is liabile. |
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I am not convinced because ' one year' is not the same as 'period of one year' and,mind it,in many sections of the companies act 'period of such and such year' has been used.
Anyone?
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