https://www.taxtmi.com/caselaws?id=398188 The Tribunal declared the Board Meetings and Extraordinary General Meeting (EoGM) as illegal and invalid due to procedural irregularities. Directors were found to have breached fiduciary duties by acting against the company's best interests. The allotment of shares was deemed non-bona fide, aiming at gaining control. Discrepancies in accounts and mismanagement were noted, leading to oppressive conduct. Relief was granted under Sections 397 and 398 of the Companies Act, 1956, reinstating the Board, ordering a new director election, appointing an auditor, and directing a company affairs investigation. en-us Mon, 18 May 2020 00:00:00 +0530 Wed, 09 Sep 2020 10:18:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398188 The Tribunal declared the Board Meetings and Extraordinary General Meeting (EoGM) as illegal and invalid due to procedural irregularities. Directors were found to have breached fiduciary duties by acting against the company's best interests. The allotment of shares was deemed non-bona fide, aiming at gaining control. Discrepancies in accounts and mismanagement were noted, leading to oppressive conduct. Relief was granted under Sections 397 and 398 of the Companies Act, 1956, reinstating the Board, ordering a new director election, appointing an auditor, and directing a company affairs investigation. Case-Laws Companies Law Mon, 18 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398188