https://www.taxtmi.com/caselaws?id=401620 Cancellation of a shareholder's equity shares for alleged FEMA and FDI violations was invalid where regulatory clarification confirmed acquisition on a non-repatriation basis and no confiscation was ordered. The register of members was directed to be rectified to restore the shareholder's shares. Removal of the petitioners as directors for alleged non-attendance at board meetings was also invalid and oppressive, particularly after their shareholding had been reduced. Articles provisions entrenching the managing director's tenure, remuneration and privileges were deleted as oppressive. Other mismanagement allegations, including export obligations, remuneration and related-party transactions, lacked merit or involved business decisions in which the petitioners participated. 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 Cancellation of a shareholder's equity shares for alleged FEMA and FDI violations was invalid where regulatory clarification confirmed acquisition on a non-repatriation basis and no confiscation was ordered. The register of members was directed to be rectified to restore the shareholder's shares. Removal of the petitioners as directors for alleged non-attendance at board meetings was also invalid and oppressive, particularly after their shareholding had been reduced. Articles provisions entrenching the managing director's tenure, remuneration and privileges were deleted as oppressive. Other mismanagement allegations, including export obligations, remuneration and related-party transactions, lacked merit or involved business decisions in which the petitioners participated. Case-Laws Insolvency and Bankruptcy Wed, 27 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401620