https://www.taxtmi.com/caselaws?id=102149 A validly instituted representative company petition is judged by the facts existing at presentation, so later sale of shares by the original petitioners did not defeat maintainability. Because proceedings under sections 397 and 398 of the Companies Act, 1956 are representative in character, the HC held that a supporting shareholder could be transposed and brought on record under section 399(3) and the court's inherent powers under rule 9 to prevent injustice. Leave to withdraw was also refused, as the original petitioners could not terminate the proceeding as of right where another member had a subsisting interest in continuing it. en-us Thu, 07 Nov 1991 00:00:00 +0530 Mon, 25 May 2026 11:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102149 A validly instituted representative company petition is judged by the facts existing at presentation, so later sale of shares by the original petitioners did not defeat maintainability. Because proceedings under sections 397 and 398 of the Companies Act, 1956 are representative in character, the HC held that a supporting shareholder could be transposed and brought on record under section 399(3) and the court's inherent powers under rule 9 to prevent injustice. Leave to withdraw was also refused, as the original petitioners could not terminate the proceeding as of right where another member had a subsisting interest in continuing it. Case-Laws Companies Law Thu, 07 Nov 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102149