https://www.taxtmi.com/caselaws?id=97716 The court found the petition maintainable under section 155 of the Companies Act, 1956, and ruled in favor of the official liquidator. It declared the sale of shares to respondents Nos. 2 to 9 invalid for lack of consideration, struck down the transaction, and ordered rectification of the register of members. Respondents Nos. 10 to 13 were deemed not bona fide transferees and were directed to refund dividends received. The court also imposed costs on the respondents. en-us Tue, 25 Aug 1959 00:00:00 +0530 Tue, 17 Jan 2012 17:36:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97716 The court found the petition maintainable under section 155 of the Companies Act, 1956, and ruled in favor of the official liquidator. It declared the sale of shares to respondents Nos. 2 to 9 invalid for lack of consideration, struck down the transaction, and ordered rectification of the register of members. Respondents Nos. 10 to 13 were deemed not bona fide transferees and were directed to refund dividends received. The court also imposed costs on the respondents. Case-Laws Companies Law Tue, 25 Aug 1959 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97716