https://www.taxtmi.com/caselaws?id=217689 The court upheld the Company Law Board's order in a case involving maintainability of a petition under Sections 397/398 of the Companies Act by a majority shareholder. It found that despite being a majority shareholder, the respondent had the statutory right to file the petition. The court applied partnership principles, considering the relationship akin to a partnership. Allegations of oppression and mismanagement were substantiated, justifying relief for the respondent. The court upheld the order directing the purchase of shares, citing the deteriorated relationship and ineffective company management. The appeal was dismissed, affirming the Company Law Board's decision. en-us Fri, 26 Aug 2011 00:00:00 +0530 Mon, 22 Oct 2012 11:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=217689 The court upheld the Company Law Board's order in a case involving maintainability of a petition under Sections 397/398 of the Companies Act by a majority shareholder. It found that despite being a majority shareholder, the respondent had the statutory right to file the petition. The court applied partnership principles, considering the relationship akin to a partnership. Allegations of oppression and mismanagement were substantiated, justifying relief for the respondent. The court upheld the order directing the purchase of shares, citing the deteriorated relationship and ineffective company management. The appeal was dismissed, affirming the Company Law Board's decision. Case-Laws Companies Law Fri, 26 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=217689