https://www.taxtmi.com/caselaws?id=197975 Sections 397 and 398 of the Companies Act, 1956 are confined to present and continuing oppression or mismanagement, so they cannot be used to cancel a concluded share allotment based on an alleged failure of the underlying contract or breach of consideration. The request to set aside the 9,000 share allotment was therefore not maintainable under that jurisdiction and, if pursued at all, lay before a civil forum. On the proposed sale of company assets, no additional restraint was ordered because an existing High Court direction already required notice to members and approval of the general body before any sale. en-us Wed, 19 Oct 2005 00:00:00 +0530 Fri, 19 Jan 2018 11:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197975 Sections 397 and 398 of the Companies Act, 1956 are confined to present and continuing oppression or mismanagement, so they cannot be used to cancel a concluded share allotment based on an alleged failure of the underlying contract or breach of consideration. The request to set aside the 9,000 share allotment was therefore not maintainable under that jurisdiction and, if pursued at all, lay before a civil forum. On the proposed sale of company assets, no additional restraint was ordered because an existing High Court direction already required notice to members and approval of the general body before any sale. Case-Laws Companies Law Wed, 19 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197975