https://www.taxtmi.com/caselaws?id=195621 A petition under Sections 397 and 398 was maintainable because the petitioners held shares in their own names and the company had fewer than ten members, satisfying Section 399. In a family company run on quasi-partnership lines, unilateral enhancement of authorised capital, allotment of additional shares to one group, and appointment of additional directors from that group disturbed established parity in ownership and management and amounted to oppressive conduct. To end the oppression, the appropriate relief was a buyout: the respondents or the company were directed to purchase the petitioners' shares at a fair valuation determined by an independent valuer, with interim protective directions continuing until completion. en-us Thu, 23 Dec 1999 00:00:00 +0530 Mon, 06 Nov 2017 11:02:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195621 A petition under Sections 397 and 398 was maintainable because the petitioners held shares in their own names and the company had fewer than ten members, satisfying Section 399. In a family company run on quasi-partnership lines, unilateral enhancement of authorised capital, allotment of additional shares to one group, and appointment of additional directors from that group disturbed established parity in ownership and management and amounted to oppressive conduct. To end the oppression, the appropriate relief was a buyout: the respondents or the company were directed to purchase the petitioners' shares at a fair valuation determined by an independent valuer, with interim protective directions continuing until completion. Case-Laws Companies Law Thu, 23 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195621