https://www.taxtmi.com/caselaws?id=272966 In oppression and mismanagement disputes involving a private company, the section 399 threshold may be tested together with the validity of the very allotment that reduced the petitioner's holding, and technical objections will not prevail where the impugned acts themselves are in issue. Share capital increases, share allotments, appointment of additional directors and related ROC filings may be invalid where they are backdated, unsupported by genuine board action, and used to secure control in breach of fiduciary duty. A clandestine sale of the company's only immovable asset and diversion of proceeds can justify equitable restoration, including repayment of sale consideration and siphoned amounts to the company. en-us Tue, 13 Sep 2011 00:00:00 +0530 Mon, 28 May 2018 16:19:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272966 In oppression and mismanagement disputes involving a private company, the section 399 threshold may be tested together with the validity of the very allotment that reduced the petitioner's holding, and technical objections will not prevail where the impugned acts themselves are in issue. Share capital increases, share allotments, appointment of additional directors and related ROC filings may be invalid where they are backdated, unsupported by genuine board action, and used to secure control in breach of fiduciary duty. A clandestine sale of the company's only immovable asset and diversion of proceeds can justify equitable restoration, including repayment of sale consideration and siphoned amounts to the company. Case-Laws Companies Law Tue, 13 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272966