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15. Determination of genuine shares.-

The Tribunal shall, after taking such evidence as may be adduced before it and after making such inquiry as it may think fit and after hearing such persons as may desire to be heard, determine which of the documents purporting to be shares represent, in reality, a contribution to the capital of the old company, and on such determination, all other documents purporting to be shares shall stand declared to be spurious and shall stand cancelled.

Richardson and Cruddas Ltd. (Acquisition and Transfer of Undertaking) Act, 1972 Back

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