https://www.taxtmi.com/caselaws?id=101708 The court found the suit maintainable, with the first defendant company complying with the fixed assets cover covenant but not the profits cover covenant. Compliance with the Controller of Capital Issues' conditions was deemed insignificant. While acknowledging allegations of mala fide intentions, the court based its decision on disclosed material and merits. Debenture-holders of the third series could recover amounts payable under their debenture certificates upon application within 12 weeks. The proposed debenture allocation would await the suit's outcome, with no costs ordered. The application for a stay was denied, permitting the first defendant company to issue new debentures. en-us Tue, 26 Aug 1986 00:00:00 +0530 Fri, 10 Feb 2012 17:38:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101708 The court found the suit maintainable, with the first defendant company complying with the fixed assets cover covenant but not the profits cover covenant. Compliance with the Controller of Capital Issues' conditions was deemed insignificant. While acknowledging allegations of mala fide intentions, the court based its decision on disclosed material and merits. Debenture-holders of the third series could recover amounts payable under their debenture certificates upon application within 12 weeks. The proposed debenture allocation would await the suit's outcome, with no costs ordered. The application for a stay was denied, permitting the first defendant company to issue new debentures. Case-Laws Companies Law Tue, 26 Aug 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101708