https://www.taxtmi.com/caselaws?id=96748 Shareholder standing permits a dissenting shareholder to sue directly where the challenged corporate act is alleged to be ultra vires, because a majority cannot ratify an act beyond the company's powers. Prior company concurrence is unnecessary where the company has treated the disputed resolution as valid and consultation would be futile. Alteration of articles requires compliance with the statutory special-resolution majority. A Chairman's declaration cannot validate a resolution where its recorded voting figures show that the required three-fourths majority was not obtained. The challenged alteration was therefore not validly passed or binding on the company, and the shareholder's challenge succeeded. en-us Mon, 07 Jun 1937 00:00:00 +0530 Tue, 10 Jan 2012 17:10:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96748 Shareholder standing permits a dissenting shareholder to sue directly where the challenged corporate act is alleged to be ultra vires, because a majority cannot ratify an act beyond the company's powers. Prior company concurrence is unnecessary where the company has treated the disputed resolution as valid and consultation would be futile. Alteration of articles requires compliance with the statutory special-resolution majority. A Chairman's declaration cannot validate a resolution where its recorded voting figures show that the required three-fourths majority was not obtained. The challenged alteration was therefore not validly passed or binding on the company, and the shareholder's challenge succeeded. Case-Laws Companies Law Mon, 07 Jun 1937 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96748