https://www.taxtmi.com/caselaws?id=104601 The Court found in favor of UTI Bank Ltd. in the winding up petitions against Diamond Oil Industries (P.) Ltd. and its guarantor. The Court upheld the authority of the Bank's Board of Directors to initiate the proceedings, approved the amendments to the petitions, and affirmed the validity of the Board's resolution delegating powers to the Chairman. The Court also ruled that S.K. Chakrabarti had the authority to sign and verify the petitions despite his transfer. The Court dismissed challenges to the internal management decisions of the Bank, allowing the petitions to proceed to further hearings. en-us Mon, 06 Apr 1998 00:00:00 +0530 Wed, 29 Feb 2012 16:46:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104601 The Court found in favor of UTI Bank Ltd. in the winding up petitions against Diamond Oil Industries (P.) Ltd. and its guarantor. The Court upheld the authority of the Bank's Board of Directors to initiate the proceedings, approved the amendments to the petitions, and affirmed the validity of the Board's resolution delegating powers to the Chairman. The Court also ruled that S.K. Chakrabarti had the authority to sign and verify the petitions despite his transfer. The Court dismissed challenges to the internal management decisions of the Bank, allowing the petitions to proceed to further hearings. Case-Laws Companies Law Mon, 06 Apr 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104601