https://www.taxtmi.com/caselaws?id=396277 The Tribunal found in favor of the petitioners, declaring the company petition maintainable despite a 4-year delay. It ruled that the directors did not comply with fiduciary duties in expelling the petitioners, deeming the expulsion invalid. Additionally, the increase in share capital and its apportionment among certain respondents were deemed illegal and oppressive. The Tribunal ordered the reversal of the share capital increase, set aside the share allotment, directed rectification of the register of members, declared the removal of petitioners as directors void, mandated revised filings with the Registrar of Companies, and ordered an independent accountant to verify the company's accounts. en-us Wed, 05 Feb 2020 00:00:00 +0530 Sat, 27 Jun 2020 22:02:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396277 The Tribunal found in favor of the petitioners, declaring the company petition maintainable despite a 4-year delay. It ruled that the directors did not comply with fiduciary duties in expelling the petitioners, deeming the expulsion invalid. Additionally, the increase in share capital and its apportionment among certain respondents were deemed illegal and oppressive. The Tribunal ordered the reversal of the share capital increase, set aside the share allotment, directed rectification of the register of members, declared the removal of petitioners as directors void, mandated revised filings with the Registrar of Companies, and ordered an independent accountant to verify the company's accounts. Case-Laws Companies Law Wed, 05 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396277