https://www.taxtmi.com/caselaws?id=278918 Corporate authority controls management changes and share allotments: a private agreement executed without board or shareholder approval cannot bind the company or create enforceable rights over its affairs. The text also notes that maintainability of a petition under sections 397 and 398 depends on satisfaction of the statutory shareholding requirement at filing, and later events such as a shareholder's death do not necessarily defeat it. Board resolutions, appointments and share issues made without lawful authority or contrary to the articles are treated as invalid and inoperative, with consequential restraint against interference and restoration of lawful management. 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 controls management changes and share allotments: a private agreement executed without board or shareholder approval cannot bind the company or create enforceable rights over its affairs. The text also notes that maintainability of a petition under sections 397 and 398 depends on satisfaction of the statutory shareholding requirement at filing, and later events such as a shareholder's death do not necessarily defeat it. Board resolutions, appointments and share issues made without lawful authority or contrary to the articles are treated as invalid and inoperative, with consequential restraint against interference and restoration of lawful management. Case-Laws Companies Law Mon, 15 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278918