https://www.taxtmi.com/caselaws?id=126906 The court dismissed the challenge to the maintainability of the company petition under sections 397 and 398 of the Companies Act, 1956. The critical issue was the timing of share acquisition by certain shareholders after the alleged cause of action, but the court emphasized that the key factor was the existence of consent by requisite shareholders before filing the petition. As consent was established before filing, the court found the company petition maintainable under section 399 of the Act. The respondent was directed to file a counter, and the petition was scheduled for a hearing, affirming its maintainability. en-us Thu, 23 Sep 2010 00:00:00 +0530 Tue, 05 Feb 2013 16:35:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126906 The court dismissed the challenge to the maintainability of the company petition under sections 397 and 398 of the Companies Act, 1956. The critical issue was the timing of share acquisition by certain shareholders after the alleged cause of action, but the court emphasized that the key factor was the existence of consent by requisite shareholders before filing the petition. As consent was established before filing, the court found the company petition maintainable under section 399 of the Act. The respondent was directed to file a counter, and the petition was scheduled for a hearing, affirming its maintainability. Case-Laws Companies Law Thu, 23 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126906