https://www.taxtmi.com/caselaws?id=196728 The court found that the purported Extraordinary General Meeting (EOGM) and allotment of shares were invalid due to lack of proper notice and unauthorized agenda items. However, the allotment of shares to the third respondent was not nullified due to the company's financial difficulties. The transfer of shares to the third respondent, although violating Article 10 of the Articles of Association, was deemed not oppressive as it was in the company's interest. The court directed the petitioners' group to exit the company upon receiving proper consideration for their shares, valuated by statutory auditors based on the balance sheet. en-us Thu, 15 Nov 2001 00:00:00 +0530 Wed, 13 Dec 2017 10:50:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=196728 The court found that the purported Extraordinary General Meeting (EOGM) and allotment of shares were invalid due to lack of proper notice and unauthorized agenda items. However, the allotment of shares to the third respondent was not nullified due to the company's financial difficulties. The transfer of shares to the third respondent, although violating Article 10 of the Articles of Association, was deemed not oppressive as it was in the company's interest. The court directed the petitioners' group to exit the company upon receiving proper consideration for their shares, valuated by statutory auditors based on the balance sheet. Case-Laws Companies Law Thu, 15 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=196728