https://www.taxtmi.com/caselaws?id=193863 Applicant seeking impleadment lacked locus standi because its claimed title to preference shares remained contingent until a positive CLB determination under Section 111; the court applied the requirement that a party seeking intervention under Section 101 must show a real and subsisting interest. The shares were acquired post-CDR at a nominal consideration and susceptible to cancellation, facts indicating unresolved legal rights. Consequently the impleading application was dismissed for want of established shareholder or creditor status pending crystallization of rights by the Company Law Board. en-us Fri, 17 Aug 2012 00:00:00 +0530 Mon, 21 Aug 2017 16:53:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193863 Applicant seeking impleadment lacked locus standi because its claimed title to preference shares remained contingent until a positive CLB determination under Section 111; the court applied the requirement that a party seeking intervention under Section 101 must show a real and subsisting interest. The shares were acquired post-CDR at a nominal consideration and susceptible to cancellation, facts indicating unresolved legal rights. Consequently the impleading application was dismissed for want of established shareholder or creditor status pending crystallization of rights by the Company Law Board. Case-Laws Companies Law Fri, 17 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193863