https://www.taxtmi.com/caselaws?id=197772 The court upheld the allotment of shares to IOC despite procedural irregularities. It directed the transfer of 155 million shares to the petitioners and ordered WBIDC/GoWB to transfer their 520 million shares to the petitioners at a fair price. The petitioners were required to pay Rs. 125 crores for the shares and provide bank guarantees. The court also mandated compliance with the CDR package, imposed a lock-in period for shares, and specified conditions for changing the Board composition. Failure to comply would allow WBIDC to encash the bank guarantee or purchase the shares at a set price. en-us Wed, 31 Jan 2007 00:00:00 +0530 Mon, 15 Jan 2018 15:48:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197772 The court upheld the allotment of shares to IOC despite procedural irregularities. It directed the transfer of 155 million shares to the petitioners and ordered WBIDC/GoWB to transfer their 520 million shares to the petitioners at a fair price. The petitioners were required to pay Rs. 125 crores for the shares and provide bank guarantees. The court also mandated compliance with the CDR package, imposed a lock-in period for shares, and specified conditions for changing the Board composition. Failure to comply would allow WBIDC to encash the bank guarantee or purchase the shares at a set price. Case-Laws Companies Law Wed, 31 Jan 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197772