https://www.taxtmi.com/caselaws?id=98858 Section 209(1) of the Companies Act 1948 was construed broadly enough to cover shares to be issued on conversion of stock, because the conversion and direct allotment process was treated as a shortened form of conversion, allotment and transfer. The statutory three-fourths approval requirement was assessed on a practical basis, using the offer date for existing shares and including persons who became entitled to conversion shares during the offer period; on that approach, the requisite majority was obtained. The prescribed notice to dissenting shareholders was valid despite not expressly stating the numerical majority. The court found no ground to refuse the statutory acquisition and declined to intervene against the transferee company. en-us Thu, 17 Jun 1971 00:00:00 +0530 Tue, 24 Jan 2012 12:57:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98858 Section 209(1) of the Companies Act 1948 was construed broadly enough to cover shares to be issued on conversion of stock, because the conversion and direct allotment process was treated as a shortened form of conversion, allotment and transfer. The statutory three-fourths approval requirement was assessed on a practical basis, using the offer date for existing shares and including persons who became entitled to conversion shares during the offer period; on that approach, the requisite majority was obtained. The prescribed notice to dissenting shareholders was valid despite not expressly stating the numerical majority. The court found no ground to refuse the statutory acquisition and declined to intervene against the transferee company. Case-Laws Companies Law Thu, 17 Jun 1971 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98858