https://www.taxtmi.com/caselaws?id=300927 Rectification of the register of members and cancellation of excess shares was found not maintainable where the petitioner bypassed the statutory route recommended by the RBI and did not first approach the Registrar of Companies. Section 59 of the Companies Act, 2013 and Rule 70 of the NCLT Rules, 2016 require proper compliance for rectification petitions, including notice and advertisement requirements. As the RBI had stated that cancellation of excess shares was outside its own purview and its correspondence formed the basis of the request, non-impleadment of the RBI and failure to follow the prescribed process rendered the petition misconceived and dismissed. en-us Fri, 05 Feb 2021 00:00:00 +0530 Fri, 04 Mar 2022 08:55:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=300927 Rectification of the register of members and cancellation of excess shares was found not maintainable where the petitioner bypassed the statutory route recommended by the RBI and did not first approach the Registrar of Companies. Section 59 of the Companies Act, 2013 and Rule 70 of the NCLT Rules, 2016 require proper compliance for rectification petitions, including notice and advertisement requirements. As the RBI had stated that cancellation of excess shares was outside its own purview and its correspondence formed the basis of the request, non-impleadment of the RBI and failure to follow the prescribed process rendered the petition misconceived and dismissed. Case-Laws Companies Law Fri, 05 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=300927