Charitable registration renewal cannot become an assessment of receipts, profitability or annual exemption compliance, requiring renewal and donation ...
AMP expenditure for own business is not an international transaction without an associated-enterprise arrangement, eliminating transfer pricing adjust...
Customs valuation must use comparable contemporary imports, while confiscation fines and penalties require proportionate recalculation on reassessed v...
Depositor-protection proceedings prevail over corporate insolvency, while liquidators may recover chit receivables using copies of seized company reco...
Sections 397, 398 and 399 were construed in an equitable and remedial manner, so the expression "member" was not confined to formal entry in the register of members under Section 41(2). The SC accepted that Section 2(27) provides a wider membership framework and that strict insistence on register entry would defeat protection against oppression and mismanagement. On the facts, the company had consistently acknowledged the respondent's proprietary stake through correspondence, conciliation material, his appointment as Managing Director, rebranding linked to his concern, and acceptance of his investment. Those circumstances justified treating him as a member for the limited purpose of invoking the statutory remedy, and the appeals were dismissed.
Sections 397, 398 and 399 were construed in an equitable and remedial manner, so the expression "member" was not confined to formal entry in the register of members under Section 41(2). The SC accepted that Section 2(27) provides a wider membership framework and that strict insistence on register entry would defeat protection against oppression and mismanagement. On the facts, the company had consistently acknowledged the respondent's proprietary stake through correspondence, conciliation material, his appointment as Managing Director, rebranding linked to his concern, and acceptance of his investment. Those circumstances justified treating him as a member for the limited purpose of invoking the statutory remedy, and the appeals were dismissed.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
