https://www.taxtmi.com/caselaws?id=198595 Persons lacking membership and the statutory qualification under Section 399 cannot maintain oppression and mismanagement proceedings under Sections 397 and 398. Here, the petitioners could not show a continuing shareholder interest: the deceased held no individual equity, jointly held shares had vested in the surviving co-owners, preference shares had been redeemed, and compensation for the business interest had already been received. The disputes had also been finally concluded by arbitration and subsequent court proceedings, so the Company Law Board could not reopen or effectively execute those determinations. Inordinate delay, acceptance of award benefits, estoppel, and the rule against approbation and reprobation also barred relief. en-us Mon, 29 Oct 2007 00:00:00 +0530 Mon, 05 Feb 2018 15:56:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198595 Persons lacking membership and the statutory qualification under Section 399 cannot maintain oppression and mismanagement proceedings under Sections 397 and 398. Here, the petitioners could not show a continuing shareholder interest: the deceased held no individual equity, jointly held shares had vested in the surviving co-owners, preference shares had been redeemed, and compensation for the business interest had already been received. The disputes had also been finally concluded by arbitration and subsequent court proceedings, so the Company Law Board could not reopen or effectively execute those determinations. Inordinate delay, acceptance of award benefits, estoppel, and the rule against approbation and reprobation also barred relief. Case-Laws Companies Law Mon, 29 Oct 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198595