https://www.taxtmi.com/caselaws?id=356031 Conversion of loan into share capital required prior special resolution under the statutory scheme for further issue of share capital, and the allotment of 26,000 equity shares was upheld as cancellable because that prerequisite was not shown. Removal of the petitioners as directors also failed for want of statutory notice and compliance with the Companies Act, 2013, since the company did not prove proper service for the meetings relied upon. The arbitral arrangement between family members did not override mandatory corporate formalities for share transfer, resignation, removal, or cessation of office, so the impugned order was left undisturbed. en-us Tue, 23 Jan 2018 00:00:00 +0530 Fri, 23 Feb 2018 06:03:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=356031 Conversion of loan into share capital required prior special resolution under the statutory scheme for further issue of share capital, and the allotment of 26,000 equity shares was upheld as cancellable because that prerequisite was not shown. Removal of the petitioners as directors also failed for want of statutory notice and compliance with the Companies Act, 2013, since the company did not prove proper service for the meetings relied upon. The arbitral arrangement between family members did not override mandatory corporate formalities for share transfer, resignation, removal, or cessation of office, so the impugned order was left undisturbed. Case-Laws Companies Law Tue, 23 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=356031