https://www.taxtmi.com/caselaws?id=196483 The High Court ruled that Group B could not raise credit facilities in the company's name and must transfer the credit facility to a new company. Group A was entitled to exercise all options in Lot 2, including the Rs. 24 crores option. The Board held that directing the Estate Officer regarding land plots was beyond its mandate. The effective date for determining bank balance entitlement was set for 31st March 2000. The proposal dated 7.3.2000 was to be implemented starting 1st August 2006. The State Bank was directed to release Rs. 24 crores to Group A. All applications were disposed of accordingly. en-us Tue, 01 Aug 2006 00:00:00 +0530 Sat, 02 Dec 2017 10:42:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196483 The High Court ruled that Group B could not raise credit facilities in the company's name and must transfer the credit facility to a new company. Group A was entitled to exercise all options in Lot 2, including the Rs. 24 crores option. The Board held that directing the Estate Officer regarding land plots was beyond its mandate. The effective date for determining bank balance entitlement was set for 31st March 2000. The proposal dated 7.3.2000 was to be implemented starting 1st August 2006. The State Bank was directed to release Rs. 24 crores to Group A. All applications were disposed of accordingly. Case-Laws Companies Law Tue, 01 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196483