Once a company shows in its accounts any money under the head paid up capital than it will be presumed that share has been allotted

The instant petition was disposed by this Bench by an order dated 13.10.2000. However, due to administrative difficulties, the same was dispatched to the parties only on 22.11.2000. Before the receipt of the said order, the petitioners had filed two applications-one on 2.11.2000 and another on 20.11.2000, enclosing therewith certain documents, which according to them were relevant in determining the issues in the petition and as such they had sought for taking them on accord and also for further hearing of the petition.

Along with the first application, they had enclosed certain documents including two balance sheets which had not been produced during the hearing of the main petition. One is an unsigned manuscript balance sheet as on 31.3.1949 and the other unsigned typed balance sheet as on 31.3.1948. In the second application, they had enclosed a copy of a signed Balance sheet as on 31.3.1949. Since the applications were filed after the signing of the order, these applications were not placed before this Bench. On receipt of the order dated 13.10.2000, the petitioners filed a writ petition before the Calcutta High Court for directions to this Bench to consider these two applications and in the meanwhile keep the said of this Bench suspended. The High by an order dated 18th January 2001, directed this Bench to consider these two applications by giving a hearing to the parties and thereafter decide whether to retain the order dated 13.10.2000 or recall the same.

BEFORE THE COMPANY LAW BOARD,

EASTERN REGION BENCH,  KOLKATA

 C.P. No.11(111)/ERB of 1998

Please become a Premium member. If you are already a Premium member, login here to access the full content.