Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
The petition alleges oppression and mismanagement by the company's majority shareholders against the petitioners, who were removed as directors through an Extraordinary General Meeting (EGM). The key points are: The burden is on the petitioners to prove oppressive conduct u/s 242. The EGM notice for removal complied with legal requirements, and the meeting was validly held. The majority shareholders' decision to remove directors cannot be judicially scrutinized as it is part of corporate democracy. Mere inconvenience caused by the legal process doesn't negate its validity. Oppression requires continuous wrongful acts by the majority against the minority, not just lack of confidence. The petitioners failed to prove mismanagement or likelihood of future prejudicial conduct due to the change in management. Consequently, the petition was dismissed for lack of evidence of oppression or mismanagement.
The petition alleges oppression and mismanagement by the company's majority shareholders against the petitioners, who were removed as directors through an Extraordinary General Meeting (EGM). The key points are: The burden is on the petitioners to prove oppressive conduct u/s 242. The EGM notice for removal complied with legal requirements, and the meeting was validly held. The majority shareholders' decision to remove directors cannot be judicially scrutinized as it is part of corporate democracy. Mere inconvenience caused by the legal process doesn't negate its validity. Oppression requires continuous wrongful acts by the majority against the minority, not just lack of confidence. The petitioners failed to prove mismanagement or likelihood of future prejudicial conduct due to the change in management. Consequently, the petition was dismissed for lack of evidence of oppression or mismanagement.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
