https://www.taxtmi.com/caselaws?id=417053 Maintainability of company petitions depended on whether statutory exemptions for transactions protected shareholders' interests; alleged fund siphoning prejudicial to other shareholders prevented reliance on those exemptions, with the burden of proving eligibility resting on those claiming it. Corporate governance requirements under the Articles of Association and the Companies Act required validly convened annual general meetings, and failure to establish proper notice rendered the meetings non-compliant. Related party loans required Board consent and, where applicable, shareholder approval and Board-report disclosure. Transactions undertaken without those approvals or disclosures were treated as invalid and contrary to the Articles, as were consequential proceedings. en-us Fri, 31 Dec 2021 00:00:00 +0530 Fri, 14 Jan 2022 08:38:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=417053 Maintainability of company petitions depended on whether statutory exemptions for transactions protected shareholders' interests; alleged fund siphoning prejudicial to other shareholders prevented reliance on those exemptions, with the burden of proving eligibility resting on those claiming it. Corporate governance requirements under the Articles of Association and the Companies Act required validly convened annual general meetings, and failure to establish proper notice rendered the meetings non-compliant. Related party loans required Board consent and, where applicable, shareholder approval and Board-report disclosure. Transactions undertaken without those approvals or disclosures were treated as invalid and contrary to the Articles, as were consequential proceedings. Case-Laws Companies Law Fri, 31 Dec 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=417053