https://www.taxtmi.com/caselaws?id=112760 The court held that the transaction under the memorandum of understanding dated 1-9-1999 was void as it constituted fraudulent preference under sections 531 and 531A of the Companies Act, 1956. The respondents were directed to pay mesne profits at the rate of Rs. 5 per sq. ft. per month from 1-9-1999 to March 2006, with Rs. 5 lakhs recovered from the sale of the premises to be appropriated towards this liability. Both applications were disposed of accordingly. en-us Mon, 12 Jan 2009 00:00:00 +0530 Thu, 20 Nov 2014 11:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112760 The court held that the transaction under the memorandum of understanding dated 1-9-1999 was void as it constituted fraudulent preference under sections 531 and 531A of the Companies Act, 1956. The respondents were directed to pay mesne profits at the rate of Rs. 5 per sq. ft. per month from 1-9-1999 to March 2006, with Rs. 5 lakhs recovered from the sale of the premises to be appropriated towards this liability. Both applications were disposed of accordingly. Case-Laws Companies Law Mon, 12 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112760