https://www.taxtmi.com/caselaws?id=340605 The Tribunal held that the petitioners, with a shareholding of 2.17% of the issued share capital, did not qualify under Section 244 of the Companies Act, 2013, which necessitates not less than one-tenth of the issued share capital. The interpretation of "issued share capital" encompassed both equity and preference shares, dismissing arguments on accounting standards' applicability and the waiver clause's impact. The Tribunal emphasized strict adherence to statutory mandates and scheduled a hearing on the waiver point following direction from the NCLAT. en-us Mon, 06 Mar 2017 00:00:00 +0530 Fri, 24 Mar 2017 07:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340605 The Tribunal held that the petitioners, with a shareholding of 2.17% of the issued share capital, did not qualify under Section 244 of the Companies Act, 2013, which necessitates not less than one-tenth of the issued share capital. The interpretation of "issued share capital" encompassed both equity and preference shares, dismissing arguments on accounting standards' applicability and the waiver clause's impact. The Tribunal emphasized strict adherence to statutory mandates and scheduled a hearing on the waiver point following direction from the NCLAT. Case-Laws Companies Law Mon, 06 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340605