https://www.taxtmi.com/caselaws?id=184507 The Union of India filed a petition under Sections 388B, 397, 398, 401-408 of the Companies Act seeking interim reliefs to restrain all directors of a major IT firm due to financial irregularities. The Company Law Board granted ex parte interim reliefs suspending the current board and authorizing the Central Government to appoint a new Board to oversee company affairs and restore operations. This case emphasizes the authority of the Company Law Board to intervene in company matters to uphold corporate governance standards and protect stakeholders' interests. en-us Fri, 09 Jan 2009 00:00:00 +0530 Mon, 11 Jul 2016 16:56:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=184507 The Union of India filed a petition under Sections 388B, 397, 398, 401-408 of the Companies Act seeking interim reliefs to restrain all directors of a major IT firm due to financial irregularities. The Company Law Board granted ex parte interim reliefs suspending the current board and authorizing the Central Government to appoint a new Board to oversee company affairs and restore operations. This case emphasizes the authority of the Company Law Board to intervene in company matters to uphold corporate governance standards and protect stakeholders' interests. Case-Laws Companies Law Fri, 09 Jan 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=184507