Shiromani Sugar Mills Ltd. vs Debi Prasad

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The Serious Fraud Investigation Office (SFIO) is looking into various cases of the companies’ liquidation, to ascertain whether any financial irregularity has taken place at the entities being wound up.

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Article 131 laid down that: “All acts done by any committee of Directors or by any person acting as a Director shall, notwithstanding that it be afterwards discovered that there are some defects in appointments of any such directors or persons acting as aforesaid or that they or any of them are disqualified, be as valid as if every such person has been duly appointed and was qualified to be a Director.”

Debi Prasad & others were all shareholders of the company. Some of them did not pay even the allotment money and others did not pay the first and second call moneys. Consequently their shares were forfeited through resolutions passed by the
directors in three meetings. The official liquidator then instituted the suits to recover the balance of the allotment and first and second call moneys.

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