https://www.taxtmi.com/caselaws?id=278918 Corporate authority is required for arrangements affecting company control, management appointments and share allotments. A petition alleging oppression and mismanagement remains maintainable where statutory shareholding requirements and valid authorisations exist at filing; subsequent shareholder developments do not defeat it. A private agreement between individuals, lacking board or shareholder approval, cannot bind the company or confer rights over pledged shares without compliance with the articles and law. Board resolutions, director appointments and share issuances founded on such an arrangement are invalid. Persons without lawful management authority may be restrained from interfering, and control restored to the duly constituted board. en-us Mon, 15 May 2017 00:00:00 +0530 Sat, 18 May 2019 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278918 Corporate authority is required for arrangements affecting company control, management appointments and share allotments. A petition alleging oppression and mismanagement remains maintainable where statutory shareholding requirements and valid authorisations exist at filing; subsequent shareholder developments do not defeat it. A private agreement between individuals, lacking board or shareholder approval, cannot bind the company or confer rights over pledged shares without compliance with the articles and law. Board resolutions, director appointments and share issuances founded on such an arrangement are invalid. Persons without lawful management authority may be restrained from interfering, and control restored to the duly constituted board. Case-Laws Companies Law Mon, 15 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278918