FIRST NATIONAL BANK Vs. SETH SANT LAL

JUDGEMENT

(1.) THESE are three applications (Case No. 83 in Civil Original No. 48 of 1954, Case No. 84 in Civil Original No. 48 of 1954 and Case No. 87 in Civil Original No. 48 of 1954)involving a common question of law and may be disposed of by one judgment.

(2.) THE undisputed facts of these cases are that the respective petitioners were past share-holders of the First National Bank, Limited, in liquidation, whose respective shares of Rs. 100/- each were partly paid up to the extent of 75 per cent. The Bank at first submitted a scheme of arrangement in this court and on 19-4-1948, that scheme was sanctioned. In accordance with the scheme a call of rs. 12/8/-per share was made on 15-10-1948 and a notice of the call was sent to the respondents which was followed by two reminders. A second call of Rs. 12/8/was made on 24-3-1953 and a notice of this call was sent to the respondents by registered post. On the above calls, the respondents did not make any payment. On 22-9-l953, a notice was sent by registered post, informing each respondent that the shares would be forfeited if the amount was not paid by 10-10-1953. On 24-3-1954 the directors passed a resolution forfeiting the shares of the shareholders, who had not paid the call money, and they included the three respondents in these cases. Letters were sent to the respondents informing them that their shares had been forfeited by the Bank. The Bank filed the claim in this Court on 24-6-1954. The bank was ordered to be wound up by this Court on 17-5-1957 as an insolvent bank.

(3.) AGAINST Seth Sant Lal, respondent in case No. 83 in Civil Original No. 48 of 1954, there is a claim made by the Bank for Rs. 6,603/479 on account of the two calls of Rs. 12/8/- per share each dated 15-10-1948 and 24-3-1953.