https://www.taxtmi.com/caselaws?id=267385 The Deed of Assignment dated 14.03.2012 was deemed illegal and void as it did not comply with the Companies Act, 1956. The sale of assets without court approval was invalidated, and the sale of hypothecated securities was found improper. MMPL was instructed to deposit Rs. 25 lakhs with the Official Liquidator, who was tasked with adjudicating workmen's claims and overseeing fair distribution of sale proceeds. The judgment stressed the fiduciary duty in asset sales and the need to protect stakeholders' interests. en-us Wed, 21 Oct 2015 00:00:00 +0530 Thu, 16 Jan 2020 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267385 The Deed of Assignment dated 14.03.2012 was deemed illegal and void as it did not comply with the Companies Act, 1956. The sale of assets without court approval was invalidated, and the sale of hypothecated securities was found improper. MMPL was instructed to deposit Rs. 25 lakhs with the Official Liquidator, who was tasked with adjudicating workmen's claims and overseeing fair distribution of sale proceeds. The judgment stressed the fiduciary duty in asset sales and the need to protect stakeholders' interests. Case-Laws Companies Law Wed, 21 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267385