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[Cites 0, Cited by 1] [Section 45H] [Entire Act]

Union of India - Subsection

Section 45H(1) in Banking Companies Act, 1949

(1)Where an application is made to the High Court under section 235 of the Indian Companies Act, 1913 against any promoter,director, manager, liquidator or officer of a banking company for repayment or restoration of any money or property and the applicant makes out a prima facie case against such person, the High Court shall make an order against such person to repay and restore the money or property unless he proves that he is not liable to make the repayment or restoration either wholly or in part:Provided that where such an order is made jointly against two or more such persons, they shall be jointly and severally liable to make the repayment or restoration of the money or property.