https://www.taxtmi.com/caselaws?id=272961 The appeal challenging the Company Law Board's dismissal of the petition under sections 397/398 of the Companies Act, 1956 was dismissed. The Court upheld the CLB's power to direct the appellant to purchase shares of respondents despite no finding of oppression or mismanagement. The Court emphasized the CLB's wide regulatory authority under section 402 of the Act and cited relevant Supreme Court judgments. Considering the lack of confidence among shareholders and the potential hindrance to the company's operations, the Court found the CLB's order fair and in the company's interest, ultimately dismissing the appeal with no costs awarded. en-us Mon, 02 Jul 2012 00:00:00 +0530 Mon, 28 May 2018 15:01:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272961 The appeal challenging the Company Law Board's dismissal of the petition under sections 397/398 of the Companies Act, 1956 was dismissed. The Court upheld the CLB's power to direct the appellant to purchase shares of respondents despite no finding of oppression or mismanagement. The Court emphasized the CLB's wide regulatory authority under section 402 of the Act and cited relevant Supreme Court judgments. Considering the lack of confidence among shareholders and the potential hindrance to the company's operations, the Court found the CLB's order fair and in the company's interest, ultimately dismissing the appeal with no costs awarded. Case-Laws Companies Law Mon, 02 Jul 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272961