https://www.taxtmi.com/caselaws?id=102237 The court ruled in favor of the petitioners in a case involving oppression and mismanagement under sections 397 and 398 of the Companies Act, 1956. The petitioners, holding 50% of the company's shares, alleged oppressive actions by the respondents. The court found the private agreement imposing restrictions on share transfer not binding. It declared the resolutions passed in certain meetings as illegal and void due to procedural defects. The board of directors was superseded, and the petitioners were appointed as administrators to manage the company. The court directed an assessment of damages and compensation for wrongful acts against the second respondent. en-us Thu, 12 Dec 1991 00:00:00 +0530 Tue, 14 Feb 2012 11:43:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=102237 The court ruled in favor of the petitioners in a case involving oppression and mismanagement under sections 397 and 398 of the Companies Act, 1956. The petitioners, holding 50% of the company's shares, alleged oppressive actions by the respondents. The court found the private agreement imposing restrictions on share transfer not binding. It declared the resolutions passed in certain meetings as illegal and void due to procedural defects. The board of directors was superseded, and the petitioners were appointed as administrators to manage the company. The court directed an assessment of damages and compensation for wrongful acts against the second respondent. Case-Laws Companies Law Thu, 12 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=102237