https://www.taxtmi.com/caselaws?id=424548 In oppression and mismanagement proceedings, where shareholder deadlock leaves the company non-functional and no valid board meeting can be convened, the Tribunal may step in with interim protective relief. The admitted facts showed a complete standstill in the company's affairs, with nominee directors resigned and both shareholder groups blaming each other for the paralysis. On that basis, the Tribunal found that continuation of the existing management would not serve the company's interests and appointed an independent administrator to run the company pending disposal of the petition, while suspending the board to preserve business functioning during the proceedings. en-us Fri, 24 Jun 2022 00:00:00 +0530 Sun, 03 Jul 2022 20:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424548 In oppression and mismanagement proceedings, where shareholder deadlock leaves the company non-functional and no valid board meeting can be convened, the Tribunal may step in with interim protective relief. The admitted facts showed a complete standstill in the company's affairs, with nominee directors resigned and both shareholder groups blaming each other for the paralysis. On that basis, the Tribunal found that continuation of the existing management would not serve the company's interests and appointed an independent administrator to run the company pending disposal of the petition, while suspending the board to preserve business functioning during the proceedings. Case-Laws Companies Law Fri, 24 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424548