https://www.taxtmi.com/caselaws?id=198598 The Board found that the issuance and allotment of further shares to a specific respondent were oppressive and aimed at gaining absolute control over the company. It was concluded that the shares were not issued in the company's best interest but to benefit the specific respondent. As a remedy, the Board directed the respondent to transfer 49% of the allotted shares to the petitioners and restrained them from exercising voting rights on the shares until the transfer was completed. The petition was disposed of with no order as to costs. en-us Fri, 21 Sep 2001 00:00:00 +0530 Mon, 05 Feb 2018 16:32:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198598 The Board found that the issuance and allotment of further shares to a specific respondent were oppressive and aimed at gaining absolute control over the company. It was concluded that the shares were not issued in the company's best interest but to benefit the specific respondent. As a remedy, the Board directed the respondent to transfer 49% of the allotted shares to the petitioners and restrained them from exercising voting rights on the shares until the transfer was completed. The petition was disposed of with no order as to costs. Case-Laws Companies Law Fri, 21 Sep 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198598