https://www.taxtmi.com/caselaws?id=401620 The Tribunal declared the cancellation of 3,32,440 shares held by the 1st petitioner as invalid and ordered their restoration. The removal of petitioners from directorship was deemed oppressive and invalid, with the Form-32 for their removal declared illegal. Amendments to the Articles of Association entrenching the position of R2 were ordered to be deleted. While most allegations of mismanagement were not upheld, the respondents' conduct was found oppressive. The Tribunal directed rectification of the Register of Members, restoration of shares, deletion of specified clauses, appointment of additional directors, and the implementation of orders by a Chairman for six months. en-us Wed, 27 May 2020 00:00:00 +0530 Thu, 10 Dec 2020 13:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401620 The Tribunal declared the cancellation of 3,32,440 shares held by the 1st petitioner as invalid and ordered their restoration. The removal of petitioners from directorship was deemed oppressive and invalid, with the Form-32 for their removal declared illegal. Amendments to the Articles of Association entrenching the position of R2 were ordered to be deleted. While most allegations of mismanagement were not upheld, the respondents' conduct was found oppressive. The Tribunal directed rectification of the Register of Members, restoration of shares, deletion of specified clauses, appointment of additional directors, and the implementation of orders by a Chairman for six months. Case-Laws Insolvency and Bankruptcy Wed, 27 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401620