https://www.taxtmi.com/caselaws?id=313199 Sections 397 and 398 of the Companies Act, 1956 are preventive remedies aimed at ending continuing oppression or prejudice in a company's affairs, and do not ordinarily permit reopening past and concluded transactions with third parties. On the facts, the sale deeds were executed pursuant to earlier agreements, possession had already been delivered, and the conveyance followed compromise of a civil dispute; the petitioners' long inaction also weakened their claim. The Board further treated the challenge to the Lok Adalat award as barred by its statutory finality under Section 21(2) of the Legal Services Authorities Act, 1987. Alleged defects in notice, quorum, special resolution, and circular resolution were found insufficient to justify relief. en-us Mon, 21 Nov 2005 00:00:00 +0530 Fri, 29 Mar 2024 16:06:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313199 Sections 397 and 398 of the Companies Act, 1956 are preventive remedies aimed at ending continuing oppression or prejudice in a company's affairs, and do not ordinarily permit reopening past and concluded transactions with third parties. On the facts, the sale deeds were executed pursuant to earlier agreements, possession had already been delivered, and the conveyance followed compromise of a civil dispute; the petitioners' long inaction also weakened their claim. The Board further treated the challenge to the Lok Adalat award as barred by its statutory finality under Section 21(2) of the Legal Services Authorities Act, 1987. Alleged defects in notice, quorum, special resolution, and circular resolution were found insufficient to justify relief. Case-Laws Companies Law Mon, 21 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313199