https://www.taxtmi.com/caselaws?id=420137 A requisitioned EGM could not be restrained where the shareholders' requisition satisfied Section 100's numerical and procedural requirements; "valid requisition" was confined to that compliance, not to the substantive merits of the proposed resolutions, and Section 430 barred a civil suit that would interfere with the statutory scheme and corporate democracy. The proposed resolutions were also not illegal: prior broadcasting permission was not shown to be a condition precedent to convening the meeting, the Companies Act allowed post-appointment compliance for directors, shareholder initiative to propose independent directors was not excluded, Regulation 17 did not forbid the proposed board reconstitution, and a claimed executive vacancy did not invalidate the resolutions because the statute provided for filling the vacancy thereafter. The restraint was set aside and the requisitioned resolutions were upheld. en-us Tue, 22 Mar 2022 00:00:00 +0530 Sat, 26 Mar 2022 13:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=420137 A requisitioned EGM could not be restrained where the shareholders' requisition satisfied Section 100's numerical and procedural requirements; "valid requisition" was confined to that compliance, not to the substantive merits of the proposed resolutions, and Section 430 barred a civil suit that would interfere with the statutory scheme and corporate democracy. The proposed resolutions were also not illegal: prior broadcasting permission was not shown to be a condition precedent to convening the meeting, the Companies Act allowed post-appointment compliance for directors, shareholder initiative to propose independent directors was not excluded, Regulation 17 did not forbid the proposed board reconstitution, and a claimed executive vacancy did not invalidate the resolutions because the statute provided for filling the vacancy thereafter. The restraint was set aside and the requisitioned resolutions were upheld. Case-Laws Companies Law Tue, 22 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=420137