https://www.taxtmi.com/caselaws?id=98088 Sections 397 and 398 of the Companies Act, 1956 provide preventive remedies to end or prevent continuing oppression or prejudicial management; they do not generally permit completed third-party transactions to be undone unless the Act expressly provides otherwise. Oppression requires proved unfair domination, lack of probity or conduct prejudicial to the company, rather than business decisions justified by financial distress, losses, uneconomic operations or a fair sale price. Section 173 requires disclosure of material facts in the explanatory statement so shareholders can make an informed judgment. A purchaser may also rely on the doctrine of indoor management where no timely notice of alleged irregularity is received. en-us Tue, 18 Feb 1964 00:00:00 +0530 Wed, 24 Jun 2015 16:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98088 Sections 397 and 398 of the Companies Act, 1956 provide preventive remedies to end or prevent continuing oppression or prejudicial management; they do not generally permit completed third-party transactions to be undone unless the Act expressly provides otherwise. Oppression requires proved unfair domination, lack of probity or conduct prejudicial to the company, rather than business decisions justified by financial distress, losses, uneconomic operations or a fair sale price. Section 173 requires disclosure of material facts in the explanatory statement so shareholders can make an informed judgment. A purchaser may also rely on the doctrine of indoor management where no timely notice of alleged irregularity is received. Case-Laws Companies Law Tue, 18 Feb 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98088