https://www.taxtmi.com/caselaws?id=290558 The court found that the third respondent lacked authority as a director, and the sale deeds executed were invalid due to being below market value. The filing of Form No. 32 was deemed illegal. Properties were directed to be vested in an administrator for distribution to shareholders. Further share allotments were set aside as discriminatory. The company was directed to be wound up, with proceeds distributed among shareholders. The court ordered the rectification of the register of members and compensation from respondents. Various measures were directed under relevant legal provisions, and the case was concluded without costs. en-us Wed, 02 Apr 2008 00:00:00 +0530 Mon, 05 Oct 2020 16:57:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=290558 The court found that the third respondent lacked authority as a director, and the sale deeds executed were invalid due to being below market value. The filing of Form No. 32 was deemed illegal. Properties were directed to be vested in an administrator for distribution to shareholders. Further share allotments were set aside as discriminatory. The company was directed to be wound up, with proceeds distributed among shareholders. The court ordered the rectification of the register of members and compensation from respondents. Various measures were directed under relevant legal provisions, and the case was concluded without costs. Case-Laws Companies Law Wed, 02 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=290558