https://www.taxtmi.com/caselaws?id=97771 Compulsory acquisition of minority shares was treated as unavailable where the transferee company was, in substance, promoted and controlled by the same majority shareholders seeking the buyout. The statutory procedure was said to presuppose a genuine acquisition arrangement, not a device to expropriate the minority by bare formal compliance. On the facts, the court exercised its discretion to refuse the acquisition because no persuasive independent justification was shown and the scheme appeared to serve a purpose outside the provision's intended operation. The refusal to compel the minority shareholder to sell was therefore upheld. en-us Fri, 11 Nov 1960 00:00:00 +0530 Fri, 16 Feb 2018 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97771 Compulsory acquisition of minority shares was treated as unavailable where the transferee company was, in substance, promoted and controlled by the same majority shareholders seeking the buyout. The statutory procedure was said to presuppose a genuine acquisition arrangement, not a device to expropriate the minority by bare formal compliance. On the facts, the court exercised its discretion to refuse the acquisition because no persuasive independent justification was shown and the scheme appeared to serve a purpose outside the provision's intended operation. The refusal to compel the minority shareholder to sell was therefore upheld. Case-Laws Companies Law Fri, 11 Nov 1960 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97771