https://www.taxtmi.com/caselaws?id=109295 Directors must exercise share-allotment powers for a proper corporate purpose and in the company's interest; an allotment made to secure control or reduce other shareholders to a minority is mala fide and oppressive, and the impugned allotment was set aside. A petition under sections 397 and 398 was maintainable despite the absence of prior foreign exchange permission because permission could be obtained later and the petitioners were registered shareholders with standing. Under section 10F, the High Court could intervene where the Company Law Board's findings were perverse or unsupported by evidence, and it was justified in correcting the erroneous approach. In oppression matters, the proper relief is to cancel the wrongful allotment and restore the register. en-us Mon, 13 Sep 2004 00:00:00 +0530 Tue, 23 Sep 2025 19:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109295 Directors must exercise share-allotment powers for a proper corporate purpose and in the company's interest; an allotment made to secure control or reduce other shareholders to a minority is mala fide and oppressive, and the impugned allotment was set aside. A petition under sections 397 and 398 was maintainable despite the absence of prior foreign exchange permission because permission could be obtained later and the petitioners were registered shareholders with standing. Under section 10F, the High Court could intervene where the Company Law Board's findings were perverse or unsupported by evidence, and it was justified in correcting the erroneous approach. In oppression matters, the proper relief is to cancel the wrongful allotment and restore the register. Case-Laws Companies Law Mon, 13 Sep 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109295