Supreme Court · 1950 INSC 7 · Decided 4 May 1950
Nanalal Zaver and Another v. Bombay Life Assurance CO. LTD. and OTHERS.
- Court
- Supreme Court of India
- Citation
- 1950 INSC 7 · [1950] 1 S.C.R. 391
- Case number
- CIVIL APPEAL No. 69/1949
- Decided
- 4 May 1950
- Bench
- HARILAL JEKISUNDAS KANIA, MEHR CHAND MAHAJAN, BIJAN KUMAR MUKHERJEA, SUDHI RANJAN DAS (4-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act
Headnote
Indian Companies Act (VII of 1913), s. _ 105-C-Company­ Outsidet· trying to get control of management by p11rchasing shores -Issue of further shares-Offer of new shares to es;isting share­ holders-Validity of resolution and offer-Company in need of funds-Additional motit1e to fides of resolution-Scope of s. 105-C. A company was incorporated with a capital divided into 10,000 shares. After 5,404 shares had been subscribed, the directors of the company, finding that a businessman. who had several other businesses and who was likely to use the funds of this company
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