https://www.taxtmi.com/caselaws?id=105003 The court found that the meeting deciding on issuing Rights shares was legal, rejecting claims of illegality and lack of notice. The allotment of shares to an interested Director was upheld, denying the Plaintiffs' request to restrain the implementation of Resolutions. Regarding the enforceability of a clause in the MoU limiting Directors, the court held that such restrictions cannot override statutory powers and fiduciary duties, dismissing the Plaintiffs' attempt to restrain the appointment of an Additional Director. The Appeal and Notice of Motion were dismissed, with the status quo maintained for six weeks. en-us Fri, 29 Oct 1999 00:00:00 +0530 Wed, 24 Jun 2015 17:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105003 The court found that the meeting deciding on issuing Rights shares was legal, rejecting claims of illegality and lack of notice. The allotment of shares to an interested Director was upheld, denying the Plaintiffs' request to restrain the implementation of Resolutions. Regarding the enforceability of a clause in the MoU limiting Directors, the court held that such restrictions cannot override statutory powers and fiduciary duties, dismissing the Plaintiffs' attempt to restrain the appointment of an Additional Director. The Appeal and Notice of Motion were dismissed, with the status quo maintained for six weeks. Case-Laws Companies Law Fri, 29 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105003