https://www.taxtmi.com/caselaws?id=416296 The NCLT Chennai Bench declared share allotments and board meetings as illegal, setting them aside. The EoGMs and rights offer were also deemed illegal. Respondent No.3's continuance and Respondent No.4's appointment were declared illegal. The 1st Petitioner was appointed Managing Director, and the Board was directed to rectify the shareholding pattern. An independent auditor valued shares at Rs. 1,941 per share for the buyout. Loans advanced were acknowledged, with directions for repayment and fresh personal guarantees. The Tribunal ordered one group to purchase shares of the other at the higher valuation, maintaining the loan arrangement with LIC HFL. en-us Wed, 01 Dec 2021 00:00:00 +0530 Sat, 25 Dec 2021 08:42:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416296 The NCLT Chennai Bench declared share allotments and board meetings as illegal, setting them aside. The EoGMs and rights offer were also deemed illegal. Respondent No.3's continuance and Respondent No.4's appointment were declared illegal. The 1st Petitioner was appointed Managing Director, and the Board was directed to rectify the shareholding pattern. An independent auditor valued shares at Rs. 1,941 per share for the buyout. Loans advanced were acknowledged, with directions for repayment and fresh personal guarantees. The Tribunal ordered one group to purchase shares of the other at the higher valuation, maintaining the loan arrangement with LIC HFL. Case-Laws Companies Law Wed, 01 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416296