11 February 2009
A member may vote to the extent of amount paid-up on his shares. if a holder of 1 share has paid up Rs.20 in a share whose face value is Rs.100, how will the words "to the extent of amount paid-up on his shares" be interpreted where such member wants to vote?
12 February 2009
Words "to the extent of amount paid-up on his shares" should be interpreted as amount called and paid by member. if member pays advance than what is called he is not entitle to vote for the sum so advance.(refer section 92 for advance payment)
CAclubindia
