https://www.taxtmi.com/caselaws?id=277913 Rectification of the register of members under section 59 of the Companies Act, 2013 cannot be used to secure cancellation of shares where the relief is tied to an unresolved FEMA contravention. The Tribunal noted that the allotment dispute involved alleged breach of FEMA pricing and reporting requirements, and that the company had not first complied with the Reserve Bank's directions, the applicable compounding process, or the procedures in its memorandum and articles for altering share capital. On those facts, the petition was not maintainable and was rejected. en-us Thu, 05 Oct 2017 00:00:00 +0530 Sat, 29 Dec 2018 06:40:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=277913 Rectification of the register of members under section 59 of the Companies Act, 2013 cannot be used to secure cancellation of shares where the relief is tied to an unresolved FEMA contravention. The Tribunal noted that the allotment dispute involved alleged breach of FEMA pricing and reporting requirements, and that the company had not first complied with the Reserve Bank's directions, the applicable compounding process, or the procedures in its memorandum and articles for altering share capital. On those facts, the petition was not maintainable and was rejected. Case-Laws Companies Law Thu, 05 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=277913