https://www.taxtmi.com/caselaws?id=386127 Shareholders meeting the statutory threshold could maintain oppression and mismanagement proceedings where allegations of diversion of public issue proceeds and misuse of funds were treated as a continuing grievance. The Tribunal also applied the prima facie standard for directing investigation under section 237(b) of the Companies Act, 1956, holding that serious material suggesting diversion of IPO proceeds through related entities, absence of corresponding expansion, and possible fraud or misfeasance was sufficient. On that basis, the company's affairs were ordered to be investigated to determine the true utilisation of funds and responsibility for the alleged misconduct. en-us Tue, 11 Jun 2019 00:00:00 +0530 Mon, 23 Sep 2019 07:20:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386127 Shareholders meeting the statutory threshold could maintain oppression and mismanagement proceedings where allegations of diversion of public issue proceeds and misuse of funds were treated as a continuing grievance. The Tribunal also applied the prima facie standard for directing investigation under section 237(b) of the Companies Act, 1956, holding that serious material suggesting diversion of IPO proceeds through related entities, absence of corresponding expansion, and possible fraud or misfeasance was sufficient. On that basis, the company's affairs were ordered to be investigated to determine the true utilisation of funds and responsibility for the alleged misconduct. Case-Laws Companies Law Tue, 11 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386127