https://www.taxtmi.com/caselaws?id=112647 The High Court set aside the Company Law Board's order dismissing the Appellants' application for impleadment under sections 397 and 398 of the Companies Act, 1956. The Court found the Board's narrow interpretation of section 405, regarding the addition of parties, to be erroneous. The case was remanded for a fresh decision considering the broad interpretation of section 405 and the impact of the Memorandum of Understanding on the shareholding pattern. Factual aspects of the MoU and the Appellants' entitlement were left for determination by the Company Law Board. The appeal was allowed without costs. en-us Thu, 12 Nov 2009 00:00:00 +0530 Mon, 06 Jul 2026 15:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112647 The High Court set aside the Company Law Board's order dismissing the Appellants' application for impleadment under sections 397 and 398 of the Companies Act, 1956. The Court found the Board's narrow interpretation of section 405, regarding the addition of parties, to be erroneous. The case was remanded for a fresh decision considering the broad interpretation of section 405 and the impact of the Memorandum of Understanding on the shareholding pattern. Factual aspects of the MoU and the Appellants' entitlement were left for determination by the Company Law Board. The appeal was allowed without costs. Case-Laws Companies Law Thu, 12 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112647