BHAI MOHAN SINGH Vs. HIND IRAN BANK LTD

JUDGEMENT

(1.) FTHIS judgment will dispose of three petitions under Section 19 of Displaced persons (Debts Adjustment) Act (No. 70 of 1951) read with Section 45b of the banking Companies Act, namely, L. M. 134 of 1957, L. M. 123 of 1957 and L. M. 133 of 1957, as they involve common points.

(2.) IN L. M. No. 134 of 1957, Bhai Mohan Singh, son of, Bhai Gian Chand, has submitted an application under section 19 of the Displaced Persons (Debts adjustment) Act (No. 70 of 1951) read with Section 45b of the Banking Companies act, alleging that he is a displaced person from West Pakistan which fact is not denied by the respondent-Bank. The petitioner has also stated that his father was on 15th August, 1947, and uptil his death on 18th of August, 1954, holder of 200 shares in the respondent-Bank of the value of Rs. 100/- each and, on which a sum of Rs. 50/- per share was paid up It is further stated that the Official Liquidator, des- pile the petitioner's protests, has erroneously settled his name on the list of contributories in respect of the above mentioned shares. The petitioner claimed the benefit as a displaced person under the Displaced persons (Debts Adjustment) Act and wrote to the Official Liquidator on 12th of august, 1957, by registered A. D. post requesting him to convert his partly paid up shares into a smaller number of fully paid up shares but the Official Liquidator sent him no reply, and, on the other hand, issued a notice dated 18th of September, 1957, demanding payment of Rs. 10,000/-as the amount of call on the said shares. The petitioner has, therefore, prayed that under section 19 (4) of the Act he should be directed to convert his 200 partly paid up shares into 100 fully paid up shares.

(3.) IN reply, the respondent contends that the petition is not maintainable as it has been filed after the 15th of August, 1957, beyond the period of ten years allowed under Sub-section (6) of section 19. It was also averred that section 19 of the Act did not apply to Companies in liquidation which are covered by section 20. Relief under section 19 is confined to Companies which are going and work-Ing concerns. On the merits, it was stated that the petitioner's letter dated the 12th of august, 1957, reached the respondent on 17th of August, 1957, and could not be acted upon.