https://www.taxtmi.com/caselaws?id=459295 Punjab and Haryana HC dismissed appeals challenging maintainability of petition under Sections 397-398 of Companies Act, 1956. Court held that parties besides the company were necessary parties as their dealings with the company required examination. Foreign investor's funds were allegedly siphoned from one company to group companies without proper tracking, and intended project never materialized. HC upheld Board's interim order directing audit, finding no grounds to interfere with the order despite appellants' justification of Board-approved investments. en-us Mon, 04 May 2015 00:00:00 +0530 Sat, 07 Dec 2024 19:39:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459295 Punjab and Haryana HC dismissed appeals challenging maintainability of petition under Sections 397-398 of Companies Act, 1956. Court held that parties besides the company were necessary parties as their dealings with the company required examination. Foreign investor's funds were allegedly siphoned from one company to group companies without proper tracking, and intended project never materialized. HC upheld Board's interim order directing audit, finding no grounds to interfere with the order despite appellants' justification of Board-approved investments. Case-Laws Companies Law Mon, 04 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459295