https://www.taxtmi.com/caselaws?id=198952 Arbitration did not bar the statutory oppression and mismanagement remedy under the Companies Act, as the company was not a party to the arbitration and no section 8 application had been made in time. The board's approval of transfer of the petitioners' shares was invalid because the company's articles and mandatory statutory requirements for share transfer were not followed, so the petitioners remained members. The purported reversion of the company's premises to the State and the resulting change in management were also invalid, as the company's assets could not be taken over through unilateral shareholder action or an unauthorised board resolution. The impugned resolutions were set aside and board representation restored. en-us Thu, 14 Nov 2002 00:00:00 +0530 Wed, 14 Feb 2018 16:28:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198952 Arbitration did not bar the statutory oppression and mismanagement remedy under the Companies Act, as the company was not a party to the arbitration and no section 8 application had been made in time. The board's approval of transfer of the petitioners' shares was invalid because the company's articles and mandatory statutory requirements for share transfer were not followed, so the petitioners remained members. The purported reversion of the company's premises to the State and the resulting change in management were also invalid, as the company's assets could not be taken over through unilateral shareholder action or an unauthorised board resolution. The impugned resolutions were set aside and board representation restored. Case-Laws Companies Law Thu, 14 Nov 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198952