https://www.taxtmi.com/caselaws?id=397710 The National Company Law Tribunal granted relief under Section 388B of the Companies Act, 1956, allowing the appointment of Government Nominated Directors to control company affairs. The Tribunal found merit in the Union of India's petition, replacing existing directors with government-nominated ones to safeguard stakeholders and ensure statutory compliance. The Tribunal's decision was challenged by shareholders, arguing that relief under the repealed provision was improper. However, the Tribunal upheld its decision, emphasizing the Central Government's authority under Sections 241(2) and 242 of the Companies Act, 2013, to intervene in cases prejudicial to public interest and replace management with government-nominated directors. en-us Fri, 13 Mar 2020 00:00:00 +0530 Thu, 27 Aug 2020 11:05:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397710 The National Company Law Tribunal granted relief under Section 388B of the Companies Act, 1956, allowing the appointment of Government Nominated Directors to control company affairs. The Tribunal found merit in the Union of India's petition, replacing existing directors with government-nominated ones to safeguard stakeholders and ensure statutory compliance. The Tribunal's decision was challenged by shareholders, arguing that relief under the repealed provision was improper. However, the Tribunal upheld its decision, emphasizing the Central Government's authority under Sections 241(2) and 242 of the Companies Act, 2013, to intervene in cases prejudicial to public interest and replace management with government-nominated directors. Case-Laws Companies Law Fri, 13 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397710