Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
The Company Tribunal held that Respondent No. 1 company is not a quasi-partnership due to lack of equality in shareholding since 1997 and failure to establish grounds for winding up. The alleged family settlement of 1986 was not proved. The rights issue reducing petitioners' shareholding from 15% to 7.5% was not challenged earlier, hence cannot be grounds for oppression now. Non-payment of gratuity to Petitioner No. 1 and non-appointment of Petitioner No. 2 as director cannot constitute oppression. The petition was partly allowed, directing Respondents No. 1 to 5 to buy out petitioners' shares at fair value determined by an independent valuer.
The Company Tribunal held that Respondent No. 1 company is not a quasi-partnership due to lack of equality in shareholding since 1997 and failure to establish grounds for winding up. The alleged family settlement of 1986 was not proved. The rights issue reducing petitioners' shareholding from 15% to 7.5% was not challenged earlier, hence cannot be grounds for oppression now. Non-payment of gratuity to Petitioner No. 1 and non-appointment of Petitioner No. 2 as director cannot constitute oppression. The petition was partly allowed, directing Respondents No. 1 to 5 to buy out petitioners' shares at fair value determined by an independent valuer.
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