https://www.taxtmi.com/caselaws?id=126887 The Company Law Board declared Article 157A of the company's articles void, finding it ultra vires Section 81 of the Companies Act. The decision to raise capital through a rights issue was upheld as standard practice, not requiring the specific affirmative vote mentioned in the article. Allegations of oppression under sections 397 and 398 were dismissed due to lack of substantiation beyond the rights issue controversy. An interim injunction against the rights issue was initially granted but later vacated, with the Court directing the Board to finalize the matter within three months for a prompt resolution. en-us Wed, 01 Dec 2010 00:00:00 +0530 Fri, 19 Sep 2014 11:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126887 The Company Law Board declared Article 157A of the company's articles void, finding it ultra vires Section 81 of the Companies Act. The decision to raise capital through a rights issue was upheld as standard practice, not requiring the specific affirmative vote mentioned in the article. Allegations of oppression under sections 397 and 398 were dismissed due to lack of substantiation beyond the rights issue controversy. An interim injunction against the rights issue was initially granted but later vacated, with the Court directing the Board to finalize the matter within three months for a prompt resolution. Case-Laws Companies Law Wed, 01 Dec 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126887