https://www.taxtmi.com/caselaws?id=215012 In proceedings under sections 397 and 398 of the Companies Act, 1956, the Company Law Board's corrective powers under section 402 were held to be limited to property shown to belong to the company or to fall within the relevant statutory period. The Board could not set aside a sale of immovable property standing in the name of an individual when the company had not established ownership and the registered owner's title remained unchallenged. On the same footing, a direction restoring a portion of the property to the company was found to exceed jurisdiction because it effectively determined title and partition rights beyond the Board's remedial authority. The sale-related and restoration orders were set aside. en-us Fri, 29 Apr 2011 00:00:00 +0530 Fri, 08 Feb 2013 18:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215012 In proceedings under sections 397 and 398 of the Companies Act, 1956, the Company Law Board's corrective powers under section 402 were held to be limited to property shown to belong to the company or to fall within the relevant statutory period. The Board could not set aside a sale of immovable property standing in the name of an individual when the company had not established ownership and the registered owner's title remained unchallenged. On the same footing, a direction restoring a portion of the property to the company was found to exceed jurisdiction because it effectively determined title and partition rights beyond the Board's remedial authority. The sale-related and restoration orders were set aside. Case-Laws Companies Law Fri, 29 Apr 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215012