https://www.taxtmi.com/caselaws?id=311205 Company Law Board, Kolkata dismissed petitioners' claims regarding preferential share allotment and under-valuation. The Board held that no quasi-partnership existed between parties' fathers, rejecting equal shareholding contentions. Petitioners failed to challenge 1995 allotment within three-year limitation period and acquiesced by accepting dividends. The 2009 and 2011 preferential allotments were valid as proper notices were served, special resolutions passed unanimously, and statutory compliance maintained. No mismanagement proven regarding BMW purchase. Board ordered share valuation and directed respondents to purchase petitioners' shares within four weeks or company to reduce share capital accordingly. en-us Mon, 29 Sep 2014 00:00:00 +0530 Thu, 14 Dec 2023 08:28:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=311205 Company Law Board, Kolkata dismissed petitioners' claims regarding preferential share allotment and under-valuation. The Board held that no quasi-partnership existed between parties' fathers, rejecting equal shareholding contentions. Petitioners failed to challenge 1995 allotment within three-year limitation period and acquiesced by accepting dividends. The 2009 and 2011 preferential allotments were valid as proper notices were served, special resolutions passed unanimously, and statutory compliance maintained. No mismanagement proven regarding BMW purchase. Board ordered share valuation and directed respondents to purchase petitioners' shares within four weeks or company to reduce share capital accordingly. Case-Laws Companies Law Mon, 29 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=311205