https://www.taxtmi.com/caselaws?id=426419 A petition under sections 397 and 398 of the Companies Act, 1956 was discussed as not being barred by rigid limitation rules; delay was assessed on the facts, including knowledge of the impugned acts and the continuing nature of oppression, and the objection was rejected. The article notes that a private placement of 30,000 equity shares was treated as invalid where the explanatory statement failed to disclose material facts, the real need for capital, and the identity and connection of the allottees, amounting to suppression and misuse of corporate power. It also records that acquisition of 15,626 shares was found impermissible where company funds financed connected entities, the transaction lacked required approvals, and the payment structure did not satisfy spot delivery requirements, leading to the conclusion that the transactions were void. en-us Mon, 18 Jul 2022 00:00:00 +0530 Wed, 17 Aug 2022 08:08:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426419 A petition under sections 397 and 398 of the Companies Act, 1956 was discussed as not being barred by rigid limitation rules; delay was assessed on the facts, including knowledge of the impugned acts and the continuing nature of oppression, and the objection was rejected. The article notes that a private placement of 30,000 equity shares was treated as invalid where the explanatory statement failed to disclose material facts, the real need for capital, and the identity and connection of the allottees, amounting to suppression and misuse of corporate power. It also records that acquisition of 15,626 shares was found impermissible where company funds financed connected entities, the transaction lacked required approvals, and the payment structure did not satisfy spot delivery requirements, leading to the conclusion that the transactions were void. Case-Laws Companies Law Mon, 18 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426419