RAMCAHANDRA IYER C.J.

This is an appeal against the judgment of Balakrishna Aiyar J. directing the deletion of the first respondent's name form the list of contributories, the question raised in the appeal being whether the existence of a mortgage (English mortgage) over the call money precludes the liquidator form including the name of the shareholder who is in arrears in respect of such money in the list of contributories. The fact going in rise to this appeal have been set out in out judgment in Official Receiver, Link Industries Ltd. v. Ramanathan Chettiar. But we shall , however, recapitulate such of the facts as are necessary of the purpose of the present appeal

The Link Industries Ltd., which is now under liquidation, was incorporated in 1946. On August 13, 1947, the company issued 50, 000 shares of the nominal value of Rs. 10 each. The respondent subscribed for 36, 555 shares and paid to the company at the time of the application and application a sum of Rs. 5 for each share. the balance of share money was payable under the articles of association on a call being made therefore by the directors. But no call was made till the year 1953. On July 27, 1949, the compan