https://www.taxtmi.com/caselaws?id=750647 Repeal of Section 408 of the Companies Act, 1956 removed the statutory basis for continued Central Government-nominated directors and governmental board control. Shareholders were to regain management of the company under the applicable corporate framework, but subject to safeguards protecting residents, plot holders and public interest. The prescribed framework required funding infusion, escrow arrangements, supervision by a Court Commissioner, staged development obligations and periodic review. These conditions were intended to prevent asset diversion and secure completion of essential civic and colony development works while allowing shareholder-controlled management. en-us Fri, 22 Mar 2024 00:00:00 +0530 Tue, 26 Mar 2024 21:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750647 Repeal of Section 408 of the Companies Act, 1956 removed the statutory basis for continued Central Government-nominated directors and governmental board control. Shareholders were to regain management of the company under the applicable corporate framework, but subject to safeguards protecting residents, plot holders and public interest. The prescribed framework required funding infusion, escrow arrangements, supervision by a Court Commissioner, staged development obligations and periodic review. These conditions were intended to prevent asset diversion and secure completion of essential civic and colony development works while allowing shareholder-controlled management. Case-Laws Companies Law Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750647