https://www.taxtmi.com/caselaws?id=101694 A petition under section 397 of the Companies Act, 1956 was not maintainable against a banking company because the Banking Regulation Act, 1949 operates as a special code in matters covered by it, including management and winding up, and a banking company cannot be wound up on the just and equitable ground; section 397, being a remedy to avoid such winding up, was therefore unavailable. The petition also failed section 399 because informed written consent of the requisite members was not proved. On the alleged proxy manipulation, the material did not show a continuing course of oppression, and the articles and company law provisions did not establish oppressive conduct warranting relief under sections 397 and 402. en-us Mon, 27 Mar 1989 00:00:00 +0530 Fri, 10 Feb 2012 17:20:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101694 A petition under section 397 of the Companies Act, 1956 was not maintainable against a banking company because the Banking Regulation Act, 1949 operates as a special code in matters covered by it, including management and winding up, and a banking company cannot be wound up on the just and equitable ground; section 397, being a remedy to avoid such winding up, was therefore unavailable. The petition also failed section 399 because informed written consent of the requisite members was not proved. On the alleged proxy manipulation, the material did not show a continuing course of oppression, and the articles and company law provisions did not establish oppressive conduct warranting relief under sections 397 and 402. Case-Laws Companies Law Mon, 27 Mar 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101694