https://www.taxtmi.com/caselaws?id=112474 A petition under sections 397 and 398 of the Companies Act, 1956 was held barred by limitation and laches, with Article 137 of the Limitation Act applying and no continuing wrong shown to keep the claim alive. The complainants' failure to pursue transmission of shares or challenge the impugned acts in time was fatal to the allegations of oppression and mismanagement. The Court also held that a mere increase in share capital, without proof of mala fides or actionable prejudice, did not by itself establish oppression. The impugned directions on allotment and appointment of an additional director were set aside, while transmission of shares to duly proven legal heirs remained to be completed in accordance with law. en-us Fri, 17 Apr 2009 00:00:00 +0530 Tue, 11 Nov 2014 11:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112474 A petition under sections 397 and 398 of the Companies Act, 1956 was held barred by limitation and laches, with Article 137 of the Limitation Act applying and no continuing wrong shown to keep the claim alive. The complainants' failure to pursue transmission of shares or challenge the impugned acts in time was fatal to the allegations of oppression and mismanagement. The Court also held that a mere increase in share capital, without proof of mala fides or actionable prejudice, did not by itself establish oppression. The impugned directions on allotment and appointment of an additional director were set aside, while transmission of shares to duly proven legal heirs remained to be completed in accordance with law. Case-Laws Companies Law Fri, 17 Apr 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112474