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    Excise licence renewal cannot bypass statutory conditions; insolvency forum lacks power to waive renewal fee or override State regulation.
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      Companies Law

      Beneficial ownership was sufficient to sustain proceedings under...

      Beneficial ownership and share-transfer obligations sustained maintainability, valid EOGM notice, and binding non-compete covenant on transferee.

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      Companies LawApril 9, 2026Case LawsAT
      Beneficial ownership was sufficient to sustain proceedings under sections 241-242 and 59 where the transferee had paid full consideration, the sale was confirmed in foreign liquidation, and the liquidator had acknowledged that legal and financial interest in the shares had vested in it; the company could not rely on its own failure to complete transfer formalities to deny locus. The EOGM notice was held valid because it was sent to the liquidator's official email address and there was no legal requirement to send it separately to the secretary. Share transfer under the articles was also held to carry the transferor's obligations, including the non-compete covenant, and the transferee was directed to be admitted as shareholder subject to that covenant.

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      ActsIncome Tax