https://www.taxtmi.com/caselaws?id=334009 The Supreme Court found the company petition maintainable as the shares held by Sanwalka Group were not connected to forfeited shares. Bonus shares issuance was deemed impermissible due to lack of authorization. Issuance of 25,000 new ordinary shares without fair distribution was held against fair play principles. Removal of Sanwalka Group's representatives from the Board was invalid. Conversion of preference shares to equity shares was struck down. Gupta Group's oppressive conduct justified Company Law Board intervention. Gupta Group's appeal was dismissed, and Sanwalka Group's appeal was disposed of with directions. en-us Fri, 07 Oct 2016 00:00:00 +0530 Wed, 02 Nov 2016 12:09:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=334009 The Supreme Court found the company petition maintainable as the shares held by Sanwalka Group were not connected to forfeited shares. Bonus shares issuance was deemed impermissible due to lack of authorization. Issuance of 25,000 new ordinary shares without fair distribution was held against fair play principles. Removal of Sanwalka Group's representatives from the Board was invalid. Conversion of preference shares to equity shares was struck down. Gupta Group's oppressive conduct justified Company Law Board intervention. Gupta Group's appeal was dismissed, and Sanwalka Group's appeal was disposed of with directions. Case-Laws Companies Law Fri, 07 Oct 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=334009