https://www.taxtmi.com/caselaws?id=750647 The article explains that, after repeal of Section 408 of the Companies Act, 1956, continued Central Government-nominated directors could no longer be sustained on the old statutory basis. It also notes that company control should revert to the shareholders, but only under a supervised framework designed to protect residents, plot holders and public interest. The discussion highlights conditional safeguards such as funding infusions, escrow arrangements, a Court Commissioner's supervision, staged development obligations and periodic review to secure completion of colony development works while preventing asset diversion. 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 The article explains that, after repeal of Section 408 of the Companies Act, 1956, continued Central Government-nominated directors could no longer be sustained on the old statutory basis. It also notes that company control should revert to the shareholders, but only under a supervised framework designed to protect residents, plot holders and public interest. The discussion highlights conditional safeguards such as funding infusions, escrow arrangements, a Court Commissioner's supervision, staged development obligations and periodic review to secure completion of colony development works while preventing asset diversion. Case-Laws Companies Law Fri, 22 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750647