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16. No compensation for cancellation of spurious shares.-

(1) No holder of a document purporting to be a share shall be entitled to claim either from the Central Government or from the old or new company any damages for the cancellation of such document by virtue of the provisions of section 15.

(2) Subject to the provisions of sub-section (1), every person who had acquired a document, purporting to be a share, bona fide for value without notice of the fact that it did not represent any contribution to the capital of the old company, shall be entitled to claim reimbursement from the person from whom such document was acquired by him, and, the period of limitation for any action for such reimbursement shall be deemed to commence on the date on which the document held by him as a share stands cancelled under section 15.

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

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