https://www.taxtmi.com/caselaws?id=271742 In a closely held company, a joint development arrangement entered into through the managing director's self-dealing, without proper notice to the other director and without full disclosure, was treated as tainted by conflict of interest and unsupported board action. The later shareholders' meeting was read as placing the arrangement on hold, so further unilateral steps by management were disapproved. The conduct of the controlling group, including diversion of business opportunity and use of related entities, was found to show oppression and mismanagement. Equitable intervention was therefore warranted, and the existing board was superseded with an administrator appointed; the impugned transactions were suspended rather than finally annulled. en-us Tue, 15 Dec 2015 00:00:00 +0530 Tue, 16 Feb 2016 06:12:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271742 In a closely held company, a joint development arrangement entered into through the managing director's self-dealing, without proper notice to the other director and without full disclosure, was treated as tainted by conflict of interest and unsupported board action. The later shareholders' meeting was read as placing the arrangement on hold, so further unilateral steps by management were disapproved. The conduct of the controlling group, including diversion of business opportunity and use of related entities, was found to show oppression and mismanagement. Equitable intervention was therefore warranted, and the existing board was superseded with an administrator appointed; the impugned transactions were suspended rather than finally annulled. Case-Laws Companies Law Tue, 15 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271742