Embezzlement losses in charitable institutions remain allowable when misappropriation is established, irrecoverable, and not a specified-person benefi...
National long-distance undertaking status supports deduction where separately licensed infrastructure, resources, revenue, and expenditure establish c...
Agency reimbursement income follows contractual deposit-liability computation, while pending deposit collections do not constitute deemed-dividend loa...
Membership-consent thresholds for oppression petitions are satisfied by unchallenged voter-list consents, while unsupported forgery claims require pro...
Tri dismissed the petition alleging oppression and mismanagement under Sections 397 & 398 of Companies Act, 1956. The tribunal found the petitioner suppressed material facts about initial company formation and land acquisition agreements. Documentary evidence demonstrated the petitioner was part of an original group agreement with equal capital participation. The petitioner failed to substantiate claims of misappropriation and was deemed to have approached the tribunal without clean hands. The tribunal emphasized that party conduct is crucial in equitable proceedings, ultimately rejecting the petitioner's allegations as vague and unsupported by sufficient evidence.
Tri dismissed the petition alleging oppression and mismanagement under Sections 397 & 398 of Companies Act, 1956. The tribunal found the petitioner suppressed material facts about initial company formation and land acquisition agreements. Documentary evidence demonstrated the petitioner was part of an original group agreement with equal capital participation. The petitioner failed to substantiate claims of misappropriation and was deemed to have approached the tribunal without clean hands. The tribunal emphasized that party conduct is crucial in equitable proceedings, ultimately rejecting the petitioner's allegations as vague and unsupported by sufficient evidence.
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