Supreme Court · 1965 INSC 68 · Decided 15 March 1965
Narayandas Shreeram Somani v. The Sangli Bank LTD.
- Court
- Supreme Court of India
- Citation
- 1965 INSC 68 · [1965] 3 S.C.R. 777
- Case number
- CIVIL APPEAL No. 801/1962
- Decided
- 15 March 1965
- Bench
- A.K. SARKAR, J.R. MUDHOLKAR, R.S. BACHAWAT (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Contract Act Section 50; Companies Act Section 277(1)
Headnote
C Indian Companies Act (Act 7 of 1931), s. 91B(l)-Director interes- ted in a!l-Otmeret of share~ Taking part in meeting-Effect. Indian Contract Act (9 of 1872), s. 50, I!!us. (a)-Advance of !oan-Tf could be by entries in accounts. The respondent-Bank was unatle to carry on business ilfter it was Act, 1•13, be- D cause its ;mbscribed capital was less than half the authorised capi­ tal. In order to comply with .the requiremeIJ\s of the section, the directors decided that they or their nominee~ would subsc~ibe for a large number of shares. The first appellant was a director
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