https://www.taxtmi.com/caselaws?id=101608 The court dismissed the petition for rectification of the share register under section 155 of the Companies Act, 1956. The petitioner's claim to become a shareholder through an alleged loan advanced to the vice-chairman was not supported by proper authorization or resolutions required for share conversions. The court emphasized the necessity of following prescribed procedures for acquiring shares, including written applications and board resolutions. The petitioner's attempt to convert the loan into shares was deemed improper and not in accordance with the Companies Act. Consequently, the court ruled against the rectification sought by the petitioner and awarded no costs in the case. en-us Wed, 22 Jul 1987 00:00:00 +0530 Fri, 10 Feb 2012 13:26:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101608 The court dismissed the petition for rectification of the share register under section 155 of the Companies Act, 1956. The petitioner's claim to become a shareholder through an alleged loan advanced to the vice-chairman was not supported by proper authorization or resolutions required for share conversions. The court emphasized the necessity of following prescribed procedures for acquiring shares, including written applications and board resolutions. The petitioner's attempt to convert the loan into shares was deemed improper and not in accordance with the Companies Act. Consequently, the court ruled against the rectification sought by the petitioner and awarded no costs in the case. Case-Laws Companies Law Wed, 22 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101608