https://www.taxtmi.com/caselaws?id=222056 Maintainability of a representative oppression and mismanagement petition is assessed at the time of presentation by reference to the statutory shareholding requirements under Sections 397, 398 and 399 of the Companies Act, 1956. Later withdrawal by some petitioners or loss of consent does not by itself extinguish the proceeding or defeat the rights of a consenting shareholder who was preserved liberty to pursue an independent challenge. A unilateral withdrawal cannot render a subsisting representative petition non-existent, and transposition may not be refused on that basis. The matter was remanded for fresh consideration in accordance with the earlier directions, without reliance on the withdrawn proceedings. en-us Thu, 04 Apr 2013 00:00:00 +0530 Tue, 05 Sep 2017 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=222056 Maintainability of a representative oppression and mismanagement petition is assessed at the time of presentation by reference to the statutory shareholding requirements under Sections 397, 398 and 399 of the Companies Act, 1956. Later withdrawal by some petitioners or loss of consent does not by itself extinguish the proceeding or defeat the rights of a consenting shareholder who was preserved liberty to pursue an independent challenge. A unilateral withdrawal cannot render a subsisting representative petition non-existent, and transposition may not be refused on that basis. The matter was remanded for fresh consideration in accordance with the earlier directions, without reliance on the withdrawn proceedings. Case-Laws Companies Law Thu, 04 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=222056