https://www.taxtmi.com/caselaws?id=459480 In oppression and mismanagement proceedings, an interim corporate remedy must be proportionate and should preserve company administration without unnecessarily displacing the existing board where supervisory measures can adequately protect the interests involved. The Karnataka HC set aside the order replacing the board with an administrator and committee of management, holding that the existing directors could continue with the administrator serving in a coordinating and supervisory role. The court found the wholesale replacement excessive at that stage, while still maintaining protective supervision over the company and directing expeditious decision of the pending arbitration-related application. en-us Wed, 15 Oct 2014 00:00:00 +0530 Mon, 16 Dec 2024 18:31:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459480 In oppression and mismanagement proceedings, an interim corporate remedy must be proportionate and should preserve company administration without unnecessarily displacing the existing board where supervisory measures can adequately protect the interests involved. The Karnataka HC set aside the order replacing the board with an administrator and committee of management, holding that the existing directors could continue with the administrator serving in a coordinating and supervisory role. The court found the wholesale replacement excessive at that stage, while still maintaining protective supervision over the company and directing expeditious decision of the pending arbitration-related application. Case-Laws Indian Laws Wed, 15 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459480