https://www.taxtmi.com/caselaws?id=101899 Relief under sections 397 and 398 of the Companies Act, 1956 is equitable and may be refused where the petitioner lacks good faith, has taken inconsistent stands, or seeks to repudiate obligations earlier accepted. The article also notes that an agreement dependent on contingencies under the Urban Land (Ceiling and Regulation) Act, 1976 could not be treated as a present binding obligation until the required exemption was obtained. Such an arrangement was characterised as contingent under the Contract Act and therefore not enforceable in the form sought. The discussion indicates that any later settlement, after obtaining the necessary exemption, may still be pursued separately. en-us Thu, 20 Apr 1989 00:00:00 +0530 Wed, 03 Dec 2025 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101899 Relief under sections 397 and 398 of the Companies Act, 1956 is equitable and may be refused where the petitioner lacks good faith, has taken inconsistent stands, or seeks to repudiate obligations earlier accepted. The article also notes that an agreement dependent on contingencies under the Urban Land (Ceiling and Regulation) Act, 1976 could not be treated as a present binding obligation until the required exemption was obtained. Such an arrangement was characterised as contingent under the Contract Act and therefore not enforceable in the form sought. The discussion indicates that any later settlement, after obtaining the necessary exemption, may still be pursued separately. Case-Laws Companies Law Thu, 20 Apr 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101899