https://www.taxtmi.com/caselaws?id=112164 The judgment sets aside the Company Law Board's decision and remands the case for reconsideration. It clarifies that the amendments to the company's articles are not inherently illegal but must be applied reasonably and not oppressively. The court emphasizes the importance of providing fair value for forfeited shares and directs the Board to assess the propriety of the amendments without presuming their illegality, considering the motive behind their introduction and the reasonableness of their application. No costs are awarded, and all other issues are left open for further consideration by the Board. en-us Mon, 14 May 2007 00:00:00 +0530 Thu, 26 Apr 2012 18:21:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112164 The judgment sets aside the Company Law Board's decision and remands the case for reconsideration. It clarifies that the amendments to the company's articles are not inherently illegal but must be applied reasonably and not oppressively. The court emphasizes the importance of providing fair value for forfeited shares and directs the Board to assess the propriety of the amendments without presuming their illegality, considering the motive behind their introduction and the reasonableness of their application. No costs are awarded, and all other issues are left open for further consideration by the Board. Case-Laws Companies Law Mon, 14 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112164