Right to apply for company remedies: membership thresholds and shareholding determine applicants; government may authorise exceptions. Right to apply for relief under sections 397 and 398 is available to members meeting statutory membership or shareholding thresholds: for companies with share capital, specified numerical or shareholding minima apply provided calls are paid; for companies without share capital, one-fifth of members are required. Joint holders count as one member and qualifying members may apply with written consent of the rest. The Central Government may authorise applications despite unmet thresholds and may require security for costs for obligations the Tribunal may order.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Right to apply for company remedies: membership thresholds and shareholding determine applicants; government may authorise exceptions.
Right to apply for relief under sections 397 and 398 is available to members meeting statutory membership or shareholding thresholds: for companies with share capital, specified numerical or shareholding minima apply provided calls are paid; for companies without share capital, one-fifth of members are required. Joint holders count as one member and qualifying members may apply with written consent of the rest. The Central Government may authorise applications despite unmet thresholds and may require security for costs for obligations the Tribunal may order.
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