https://www.taxtmi.com/caselaws?id=101787 Article 137 applies to petitions under sections 397 and 398 of the Companies Act, 1956, but acts older than three years are not excluded if they form part of a continuing course of oppression or mismanagement, a common transaction, or conduct with ongoing oppressive effect. The Court treated the limitation objection as untenable to that extent. On the merits, it found that the company was controlled by one group, the board had been reduced to a nominal body, statutory defaults persisted, and the petitioners were effectively excluded from management. Finding lack of probity and fair dealing, the Court held that corrective relief under section 402, including valuation of shares and a buy-out arrangement, was appropriate rather than winding up. en-us Fri, 05 May 1989 00:00:00 +0530 Sat, 11 Feb 2012 11:34:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101787 Article 137 applies to petitions under sections 397 and 398 of the Companies Act, 1956, but acts older than three years are not excluded if they form part of a continuing course of oppression or mismanagement, a common transaction, or conduct with ongoing oppressive effect. The Court treated the limitation objection as untenable to that extent. On the merits, it found that the company was controlled by one group, the board had been reduced to a nominal body, statutory defaults persisted, and the petitioners were effectively excluded from management. Finding lack of probity and fair dealing, the Court held that corrective relief under section 402, including valuation of shares and a buy-out arrangement, was appropriate rather than winding up. Case-Laws Companies Law Fri, 05 May 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101787