https://www.taxtmi.com/caselaws?id=110249 The High Court ruled in favor of the assessee, stating that the firms were not sole selling agents and therefore section 294(2) of the Companies Act, 1956 was not applicable. However, the court found that the agreements violated section 314(1)(b) of the Companies Act, 1956 as the partners of the firms were related to the directors of the respondent company, requiring a special resolution for their appointment as selling agents. Consequently, the provisions of section 314(1)(b) were deemed applicable. en-us Fri, 29 Oct 2004 00:00:00 +0530 Sat, 14 Apr 2012 13:26:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110249 The High Court ruled in favor of the assessee, stating that the firms were not sole selling agents and therefore section 294(2) of the Companies Act, 1956 was not applicable. However, the court found that the agreements violated section 314(1)(b) of the Companies Act, 1956 as the partners of the firms were related to the directors of the respondent company, requiring a special resolution for their appointment as selling agents. Consequently, the provisions of section 314(1)(b) were deemed applicable. Case-Laws Income Tax Fri, 29 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110249