https://www.taxtmi.com/caselaws?id=368374 The Tribunal granted the Union of India's petition to suspend the existing Board of Directors of a company under Section 242(2)(k) of the Companies Act, 2013, due to mismanagement and financial irregularities. The Tribunal appointed new directors to reconstitute the Board, emphasizing the need to restore financial stability and governance. The Respondent company, falling under NCLT Mumbai's jurisdiction, faced severe financial challenges, prompting the intervention. The new Board was directed to operate within legal frameworks, with the Tribunal overseeing the case's progress through specified deadlines and hearings. en-us Mon, 01 Oct 2018 00:00:00 +0530 Mon, 08 Oct 2018 07:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=368374 The Tribunal granted the Union of India's petition to suspend the existing Board of Directors of a company under Section 242(2)(k) of the Companies Act, 2013, due to mismanagement and financial irregularities. The Tribunal appointed new directors to reconstitute the Board, emphasizing the need to restore financial stability and governance. The Respondent company, falling under NCLT Mumbai's jurisdiction, faced severe financial challenges, prompting the intervention. The new Board was directed to operate within legal frameworks, with the Tribunal overseeing the case's progress through specified deadlines and hearings. Case-Laws Companies Law Mon, 01 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=368374