https://www.taxtmi.com/caselaws?id=100124 The court found the suit maintainable, recognizing individual shareholders' rights in rectifying the share register. It held the company's directors acted mala fide by waiving notice requirements for debenture conversion to sway AGM votes. Compliance with Section 81 was scrutinized, with the court deeming the conversion option invalid due to lack of a required resolution. The court upheld the immediate debenture conversion into shares and deemed the trust deed valid but tainted by mala fides. Allegations of acquiescence, laches, and ratification were dismissed. The court ruled to rectify the register, disallow debenture conversion, and awarded costs to the plaintiffs. en-us Fri, 06 Aug 1982 00:00:00 +0530 Tue, 31 Jan 2012 12:43:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100124 The court found the suit maintainable, recognizing individual shareholders' rights in rectifying the share register. It held the company's directors acted mala fide by waiving notice requirements for debenture conversion to sway AGM votes. Compliance with Section 81 was scrutinized, with the court deeming the conversion option invalid due to lack of a required resolution. The court upheld the immediate debenture conversion into shares and deemed the trust deed valid but tainted by mala fides. Allegations of acquiescence, laches, and ratification were dismissed. The court ruled to rectify the register, disallow debenture conversion, and awarded costs to the plaintiffs. Case-Laws Companies Law Fri, 06 Aug 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100124