https://www.taxtmi.com/caselaws?id=217483 The court held that proceedings under Sections 397 and 398 of the Companies Act could not continue after the petitioners transferred their shares, unless exceptional circumstances of public interest were present. The court emphasized that the share qualification requirement is relevant at the initiation of the petition and cannot be revisited post-transfer. The court set aside the Company Law Board's order and allowed the appellants' application to dismiss the petition, stating that the respondents could no longer pursue the proceedings under Sections 397 and 398 after transferring their shares. en-us Tue, 09 Oct 2012 00:00:00 +0530 Wed, 13 Feb 2013 16:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217483 The court held that proceedings under Sections 397 and 398 of the Companies Act could not continue after the petitioners transferred their shares, unless exceptional circumstances of public interest were present. The court emphasized that the share qualification requirement is relevant at the initiation of the petition and cannot be revisited post-transfer. The court set aside the Company Law Board's order and allowed the appellants' application to dismiss the petition, stating that the respondents could no longer pursue the proceedings under Sections 397 and 398 after transferring their shares. Case-Laws Companies Law Tue, 09 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217483