https://www.taxtmi.com/caselaws?id=103681 The court found the appeal maintainable under section 10F of the Companies Act, 1956. It held that the Company Law Board (CLB) exceeded its jurisdiction by passing an interim order under section 408, which lacked statutory provision. The court set aside the CLB's direction for financial institutions to nominate a Director to the appellant company's Board, deeming it beyond the scope of section 408. Consequently, the court allowed the appeal, setting aside the CLB's order and directing each party to bear their own costs. en-us Fri, 15 May 1998 00:00:00 +0530 Fri, 24 Feb 2012 12:51:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103681 The court found the appeal maintainable under section 10F of the Companies Act, 1956. It held that the Company Law Board (CLB) exceeded its jurisdiction by passing an interim order under section 408, which lacked statutory provision. The court set aside the CLB's direction for financial institutions to nominate a Director to the appellant company's Board, deeming it beyond the scope of section 408. Consequently, the court allowed the appeal, setting aside the CLB's order and directing each party to bear their own costs. Case-Laws Companies Law Fri, 15 May 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103681