https://www.taxtmi.com/caselaws?id=313202 The Company Law Board Mumbai dismissed a petition filed under Sections 397/398 of the Companies Act, 1956 alleging oppression and mismanagement. The CLB held that the petitioner approached with unclean hands, having received part payment for shares while challenging the sale transaction. The petition was not time-barred as oppression provisions don't fall under the Limitation Act and alleged acts were continuing in nature. The petitioner failed to establish that property was undervalued or that discrimination occurred in share payments. The power of attorney executed by the company was deemed valid despite procedural irregularities, as all shareholders including the petitioner had consented to the sale transaction. en-us Fri, 12 Dec 2014 00:00:00 +0530 Fri, 29 Mar 2024 19:15:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313202 The Company Law Board Mumbai dismissed a petition filed under Sections 397/398 of the Companies Act, 1956 alleging oppression and mismanagement. The CLB held that the petitioner approached with unclean hands, having received part payment for shares while challenging the sale transaction. The petition was not time-barred as oppression provisions don't fall under the Limitation Act and alleged acts were continuing in nature. The petitioner failed to establish that property was undervalued or that discrimination occurred in share payments. The power of attorney executed by the company was deemed valid despite procedural irregularities, as all shareholders including the petitioner had consented to the sale transaction. Case-Laws Companies Law Fri, 12 Dec 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313202