https://www.taxtmi.com/caselaws?id=100326 A court-appointed Committee of Management in a company petition under sections 397 and 398 is not bound, merely by that appointment, by the same statutory restraints as a board of directors under section 293. In relation to a closed unit, the Committee could settle and agree to sale without prior sanction absent a specific court restraint. The compromise was also treated as not requiring registration because it did not itself create or transfer immovable property rights; the operative transfer arose from the decree. On facts, irregularities such as limited advertisement or a later higher offer did not by themselves establish mala fides, and the appellants were recognised as having locus to seek impleadment. en-us Wed, 02 Jun 1982 00:00:00 +0530 Tue, 31 Jan 2012 18:50:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100326 A court-appointed Committee of Management in a company petition under sections 397 and 398 is not bound, merely by that appointment, by the same statutory restraints as a board of directors under section 293. In relation to a closed unit, the Committee could settle and agree to sale without prior sanction absent a specific court restraint. The compromise was also treated as not requiring registration because it did not itself create or transfer immovable property rights; the operative transfer arose from the decree. On facts, irregularities such as limited advertisement or a later higher offer did not by themselves establish mala fides, and the appellants were recognised as having locus to seek impleadment. Case-Laws Companies Law Wed, 02 Jun 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100326