https://www.taxtmi.com/caselaws?id=98990 Directors who attended, participated in and repeatedly approved a unanimous board resolution and subsequent minutes and balance-sheets are estopped from disputing an allotment of preference shares made to adjust amounts due to them; the court applied principles of assent and acquiescence to hold the plaintiffs bound and denied their recovery. The allotment made in discharge of debts under an articles power was held not to fall within the statutory pre-emptive offer regime for increases of subscribed capital; even if defective, such allotment is voidable only by aggrieved shareholders who were not parties to the allotment, not by participating directors. en-us Wed, 11 Oct 1972 00:00:00 +0530 Tue, 24 Jan 2012 17:41:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98990 Directors who attended, participated in and repeatedly approved a unanimous board resolution and subsequent minutes and balance-sheets are estopped from disputing an allotment of preference shares made to adjust amounts due to them; the court applied principles of assent and acquiescence to hold the plaintiffs bound and denied their recovery. The allotment made in discharge of debts under an articles power was held not to fall within the statutory pre-emptive offer regime for increases of subscribed capital; even if defective, such allotment is voidable only by aggrieved shareholders who were not parties to the allotment, not by participating directors. Case-Laws Companies Law Wed, 11 Oct 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98990