https://www.taxtmi.com/caselaws?id=415580 Post-commencement dispositions of company property are not automatically void, but Section 536(2) of the Companies Act, 1956 permits validation only in exceptional cases where the transaction is bona fide, beneficial to the company, and one the court would likely have approved if prior permission had been sought. After a winding-up order, the company's property is under the court's custody and unauthorised transfers by the board or without leave of court fall within the mischief of the winding-up provisions. On the facts, the impugned sale transactions lacked valuation support, transparency, and demonstrable benefit, so validation was declined. en-us Fri, 19 Nov 2021 00:00:00 +0530 Thu, 09 Dec 2021 08:35:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415580 Post-commencement dispositions of company property are not automatically void, but Section 536(2) of the Companies Act, 1956 permits validation only in exceptional cases where the transaction is bona fide, beneficial to the company, and one the court would likely have approved if prior permission had been sought. After a winding-up order, the company's property is under the court's custody and unauthorised transfers by the board or without leave of court fall within the mischief of the winding-up provisions. On the facts, the impugned sale transactions lacked valuation support, transparency, and demonstrable benefit, so validation was declined. Case-Laws Companies Law Fri, 19 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415580