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        Case ID :
        Companies Law

        HC upheld CLB's key findings: Aasia Properties became a 1/3rd...

        High Court Validates Share Transfer, Rejects Fraud Claims, and Overturns Automatic Winding Up Order for Aasia Properties

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                          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.
                                HC upheld CLB's key findings: Aasia Properties became a 1/3rd shareholder on 28.01.1983, alleged record manipulations did not constitute fraud, and Article 38 pre-emption rights were inapplicable. The court set aside CLB's automatic winding up interpretation and its direction granting Aasia Properties the right to nominate a non-functional director. The petition was deemed not time-barred. The impugned order was partially modified, with the appeal ultimately disposed of, rejecting Aasia Properties' primary claims while maintaining the integrity of the company's share transfer records.
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