https://www.taxtmi.com/caselaws?id=397705 Share allotments made under a BIFR-sanctioned rehabilitation scheme, including conversion of unsecured loans into equity, were treated as valid because the scheme operated with overriding effect and had already been upheld in prior proceedings. The challenge could not be reopened in oppression and mismanagement proceedings merely by alleging illegality or procedural defects. The Tribunal also found no basis to interfere on grounds of res judicata, limitation, delay and laches, as the core dispute had attained finality before BIFR, AAIFR and the High Court. The rejection of the company petitions was therefore upheld and the allotments remained undisturbed. en-us Wed, 04 Mar 2020 00:00:00 +0530 Thu, 27 Aug 2020 10:37:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397705 Share allotments made under a BIFR-sanctioned rehabilitation scheme, including conversion of unsecured loans into equity, were treated as valid because the scheme operated with overriding effect and had already been upheld in prior proceedings. The challenge could not be reopened in oppression and mismanagement proceedings merely by alleging illegality or procedural defects. The Tribunal also found no basis to interfere on grounds of res judicata, limitation, delay and laches, as the core dispute had attained finality before BIFR, AAIFR and the High Court. The rejection of the company petitions was therefore upheld and the allotments remained undisturbed. Case-Laws Companies Law Wed, 04 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397705