How is one year to be reckoned in the given provision?

Page no : 2

Rasesh (CS CWA MBA (Fin) B.Com LL.B (Spl)) (6501 Points)
Replied 13 June 2010

Vivek is correct. The date on which the winding up petition is initiated is the date to be recokned. So as per your example, the person who ceased to be a member on 5th has no liability whereas the person who ceased to be a member on 10th is liabile.

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Rasesh (CS CWA MBA (Fin) B.Com LL.B (Spl)) (6501 Points)
Replied 13 June 2010

I missed one point. Practically, most companies are companies limited by share capital. In such companies, generally we don't find unpaid share capital and hence there is nothing due from members.

Mayur Varshney (Chaupat Raja) (85 Points)
Replied 13 June 2010

Originally posted by : Rasesh
	Vivek is correct. The date on which the winding up petition is initiated is the date to be recokned. So as per your example, the person who ceased to be a member on 5th has no liability whereas the person who ceased to be a member on 10th is liabile.

I am not convinced because ' one year' is not the same as 'period of one year' and,mind it,in many sections of the companies act 'period of such and such year' has been used.