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1960 Supreme(Ker) 72

SANKARAN, ANNA CHANDY
Madhava Naik – Appellant
Versus
Popular Bank Ltd. , Alleppey – Respondent


Judgment :-

1. All these appeals are directed against one and the same order. The order appealed against is the order passed by a learned judge of this Court on 19th October 1959 directing a public examination of all these appellants under S.478 of the Indian Companies Act and S.45G of the Banking Companies Act. The order was passed in the course of liquidation proceedings carried on in Banking Company Petition

No. 8/1956 on the file of the High Court. These proceedings relate to a Banking Company known by the name, "The Popular Bank Ltd., Alleppey." The bank commenced its business on 3-9-1944 and owing to financial difficulty it had to suspend its business on 16-8-1956. The Court passed an order on 19-1,2-1956 directing a winding up of this Bank. On 10th January 1958, the Official Liquidator filed a petition C.M.P. No. 113/1958 in B.C.P. No. 8/1956 under S.478, 531, 539 & 541 to 545 of the Companies Act, I of 1956, and under S.45G, 45H and 45J of the Banking Companies Act, 1949, as amended by Act 52 of 1953. The counter-petitioners to this petition are the Directors and other office bearers of the Bank. The legal representatives of a deceased director were also made counter-petiti






















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