https://www.taxtmi.com/caselaws?id=373029 The NCLT found the Company Petition maintainable under Sections 59 and 62 of the Companies Act, 2013, due to lack of proper notices and evidence of share acceptance. The deposited amount of Rs. 1.54 crores was deemed a loan, not share application money, as there was no evidence of consent for conversion. The issuance of shares was declared illegal for non-compliance with statutory procedures. The NCLT ordered repayment of the loan with interest and upheld by the Appellate Tribunal, dismissing the appeal and awarding costs to the Petitioner. en-us Fri, 16 Nov 2018 00:00:00 +0530 Tue, 25 Dec 2018 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373029 The NCLT found the Company Petition maintainable under Sections 59 and 62 of the Companies Act, 2013, due to lack of proper notices and evidence of share acceptance. The deposited amount of Rs. 1.54 crores was deemed a loan, not share application money, as there was no evidence of consent for conversion. The issuance of shares was declared illegal for non-compliance with statutory procedures. The NCLT ordered repayment of the loan with interest and upheld by the Appellate Tribunal, dismissing the appeal and awarding costs to the Petitioner. Case-Laws Companies Law Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373029