https://www.taxtmi.com/caselaws?id=196349 The Board upheld the removal of the Petitioner as the Managing Director, finding it justified and not oppressive. The further issue of shares was allowed, with the Petitioner given the option to apply for his entitlement. Allegations of mismanagement and siphoning off funds were deemed unsubstantiated. The vacation of office by the Petitioner's sons was found to be in accordance with the law. The amendment to Article 95 was noted but not acted upon. The Board dismissed the petition, directing the release of the Petitioner's personal guarantees without costs awarded. en-us Mon, 11 Oct 1999 00:00:00 +0530 Fri, 23 Feb 2018 15:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196349 The Board upheld the removal of the Petitioner as the Managing Director, finding it justified and not oppressive. The further issue of shares was allowed, with the Petitioner given the option to apply for his entitlement. Allegations of mismanagement and siphoning off funds were deemed unsubstantiated. The vacation of office by the Petitioner's sons was found to be in accordance with the law. The amendment to Article 95 was noted but not acted upon. The Board dismissed the petition, directing the release of the Petitioner's personal guarantees without costs awarded. Case-Laws Companies Law Mon, 11 Oct 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196349