LINK INDUSTRIES LTD. Vs. ABC

JUDGEMENT

(1.) The Link Industries Ltd., a public limited company in corporated in 1946, was ordered to be wound up on 8 Feb., 1956. In 1947, however, it was a going concern. On 13 Aug., 1947, the company issued 50,000 shares of the nominal value of Rs. 10 each, and Ramanathan Chettiar, the applicant herein, took up 36,555 shares on each of which he paid Rs. 5. At this time the Link Industries Ltd. was being managed by another limited liability company called Factors Ltd. of which A.C.K. Krishnaswami was managing director.

(2.) The case of the applicant is here I quote from Exh. P.-1, the letter which the applicant wrote to A.C.K. Krishnaswami on 15 April, 1949 - that at the time he took up these shares,

(3.) This letter, it may be explained, was written by Ramanathan Chettiar to Krishnaswami in view of a notice dated 12 April, 1949, calling for a meeting of the Board of directors to consider among other things,