https://www.taxtmi.com/caselaws?id=109306 Section 269 of the Companies Act, 1956 required prior Central Government approval for appointment as Chairman and Managing Director unless the Schedule XIII conditions were strictly met. The court held that the company failed the adequate profits condition under clause (f) of Part I, because the provision required the prescribed financial position to exist in the relevant year or any of the three preceding years, not merely one of four years. The refusal of approval was also upheld because the communication referred to the notice, financial position, explanations, and material on misuse of position and related-party transactions, and therefore was not invalid for want of reasons. en-us Fri, 05 Dec 2003 00:00:00 +0530 Sat, 07 Apr 2012 17:46:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109306 Section 269 of the Companies Act, 1956 required prior Central Government approval for appointment as Chairman and Managing Director unless the Schedule XIII conditions were strictly met. The court held that the company failed the adequate profits condition under clause (f) of Part I, because the provision required the prescribed financial position to exist in the relevant year or any of the three preceding years, not merely one of four years. The refusal of approval was also upheld because the communication referred to the notice, financial position, explanations, and material on misuse of position and related-party transactions, and therefore was not invalid for want of reasons. Case-Laws Companies Law Fri, 05 Dec 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109306