https://www.taxtmi.com/caselaws?id=379006 The Tribunal found substantial evidence of fraud, mismanagement, and financial irregularities by the directors of MDBL. It upheld the maintainability of the petition under the Companies Act, 1956, dismissing objections regarding procedural issues and delay. The existing directors were ordered to be removed, and the Union of India was permitted to appoint new directors to manage the company's affairs, ensuring statutory compliance and protecting stakeholders' interests. en-us Thu, 14 Mar 2019 00:00:00 +0530 Thu, 25 Apr 2019 06:42:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379006 The Tribunal found substantial evidence of fraud, mismanagement, and financial irregularities by the directors of MDBL. It upheld the maintainability of the petition under the Companies Act, 1956, dismissing objections regarding procedural issues and delay. The existing directors were ordered to be removed, and the Union of India was permitted to appoint new directors to manage the company's affairs, ensuring statutory compliance and protecting stakeholders' interests. Case-Laws Companies Law Thu, 14 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379006