https://www.taxtmi.com/caselaws?id=105672 The court upheld the Company Law Board's jurisdiction under sections 397/398 due to allegations of oppression and mismanagement. It affirmed the CLB's power to order the division of assets, considering the company's partnership-like characteristics. The court clarified that the CLB's order was based on the company's Articles of Association, not a private agreement. It rejected claims of interdependence between company divisions, emphasizing their independence. The court also found no requirement for additional notice to creditors before asset division. Both appeals were dismissed, affirming the CLB's orders for asset division as just and lawful. en-us Wed, 30 Aug 2000 00:00:00 +0530 Fri, 09 Mar 2018 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105672 The court upheld the Company Law Board's jurisdiction under sections 397/398 due to allegations of oppression and mismanagement. It affirmed the CLB's power to order the division of assets, considering the company's partnership-like characteristics. The court clarified that the CLB's order was based on the company's Articles of Association, not a private agreement. It rejected claims of interdependence between company divisions, emphasizing their independence. The court also found no requirement for additional notice to creditors before asset division. Both appeals were dismissed, affirming the CLB's orders for asset division as just and lawful. Case-Laws Companies Law Wed, 30 Aug 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105672