https://www.taxtmi.com/caselaws?id=198084 Statutory standing under sections 397 and 398 was found to be satisfied where the second petitioner, as legal heir of the deceased shareholder, could seek transmission of shares on amendment of the succession certificate. Selective allotment of unallotted shares to one respondent, without demonstrated corporate necessity and in a manner that altered the existing shareholding balance, was treated as lacking probity and as oppressive in a closely held company, so the allotment was set aside and transmission was directed. Allegations of mismanagement, forfeiture, penalties and restraint were not supported by sufficient material, so those ancillary prayers were declined. en-us Thu, 02 Mar 2006 00:00:00 +0530 Mon, 22 Jan 2018 16:29:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198084 Statutory standing under sections 397 and 398 was found to be satisfied where the second petitioner, as legal heir of the deceased shareholder, could seek transmission of shares on amendment of the succession certificate. Selective allotment of unallotted shares to one respondent, without demonstrated corporate necessity and in a manner that altered the existing shareholding balance, was treated as lacking probity and as oppressive in a closely held company, so the allotment was set aside and transmission was directed. Allegations of mismanagement, forfeiture, penalties and restraint were not supported by sufficient material, so those ancillary prayers were declined. Case-Laws Companies Law Thu, 02 Mar 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198084