https://www.taxtmi.com/caselaws?id=101410 A share-purchase agreement was treated as prima facie unenforceable where the proposed acquisition appeared to exceed the statutory ceiling under the Companies Act, 1956 and no sufficient material showed the required corporate or Central Government approvals. The arrangement also did not appear to be a spot delivery contract, so it was prima facie vulnerable under the Securities Contracts (Regulation) Act, 1956. A further interim injunction affecting the company's constitution, management and assets was refused because the company was not a party to the agreement, disputed factual issues required trial, and the balance of convenience did not justify intrusive equitable relief. en-us Fri, 09 Aug 1985 00:00:00 +0530 Thu, 09 Feb 2012 16:32:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101410 A share-purchase agreement was treated as prima facie unenforceable where the proposed acquisition appeared to exceed the statutory ceiling under the Companies Act, 1956 and no sufficient material showed the required corporate or Central Government approvals. The arrangement also did not appear to be a spot delivery contract, so it was prima facie vulnerable under the Securities Contracts (Regulation) Act, 1956. A further interim injunction affecting the company's constitution, management and assets was refused because the company was not a party to the agreement, disputed factual issues required trial, and the balance of convenience did not justify intrusive equitable relief. Case-Laws Companies Law Fri, 09 Aug 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101410