https://www.taxtmi.com/caselaws?id=196343 The Board declared the allotment of 50,000 shares to respondents 2 and 3 and the transfer of 40,000 shares to the ninth respondent invalid, reducing the paid-up capital to Rs. 25,00,000. The petitioners' removal as directors was nullified, and the Board was reconstituted to include them and the second respondent. An independent Chartered Accountant was appointed to verify payments and expenses for reimbursement. The parties were instructed to submit closed offers for share purchase, with the highest bidder acquiring the shares from other groups. The company petition concluded with directions for consequential orders on 15.12.2004. en-us Tue, 26 Oct 2004 00:00:00 +0530 Fri, 31 May 2024 17:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196343 The Board declared the allotment of 50,000 shares to respondents 2 and 3 and the transfer of 40,000 shares to the ninth respondent invalid, reducing the paid-up capital to Rs. 25,00,000. The petitioners' removal as directors was nullified, and the Board was reconstituted to include them and the second respondent. An independent Chartered Accountant was appointed to verify payments and expenses for reimbursement. The parties were instructed to submit closed offers for share purchase, with the highest bidder acquiring the shares from other groups. The company petition concluded with directions for consequential orders on 15.12.2004. Case-Laws Companies Law Tue, 26 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196343