https://www.taxtmi.com/caselaws?id=193932 A petition under sections 397 and 398 of the Companies Act, 1956 was treated as stale where the challenged corporate resolutions and share allotments dated back to 2006, 2007, 2008 and 2011, but the petition was filed only in 2016. The Tribunal held that the cause of action arose when those acts occurred, that the petitioner could not credibly claim ignorance until a later dividend reduction, and that unreasonable delay defeated the equitable remedy. It also found that third-party rights had intervened and that the death of one allottee had added prejudice. The contention that a void act may be challenged at any time was rejected, and the petition was held barred by delay and laches. en-us Thu, 22 Dec 2016 00:00:00 +0530 Fri, 22 Jun 2018 13:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=193932 A petition under sections 397 and 398 of the Companies Act, 1956 was treated as stale where the challenged corporate resolutions and share allotments dated back to 2006, 2007, 2008 and 2011, but the petition was filed only in 2016. The Tribunal held that the cause of action arose when those acts occurred, that the petitioner could not credibly claim ignorance until a later dividend reduction, and that unreasonable delay defeated the equitable remedy. It also found that third-party rights had intervened and that the death of one allottee had added prejudice. The contention that a void act may be challenged at any time was rejected, and the petition was held barred by delay and laches. Case-Laws Companies Law Thu, 22 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=193932