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Shiromani Sugar Mills Ltd. vs Debi Prasad on 20 February, 1950

In Shiromani Sugar Mills Ltd. vs. Debi Prasad [AIR (1950) Allahabad 508], the Hon'ble High Court held that once the company 12 has started the process of winding up, the shareholders cannot claim rescindment of contract on the ground of misrepresentation in the prospectus especially when the shareholders had not taken any active steps to avoid the contract during the working of the company. The said decision is squarely applicable in the instant case.
Allahabad High Court Cites 17 - Cited by 10 - Full Document
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