https://www.taxtmi.com/caselaws?id=459560 In proceedings concerning validation of purchase of shares in a company under liquidation, the Court held that a shareholder and former director had no locus standi to be impleaded or to participate merely because winding-up proceedings were pending. While creditors and contributories may be heard in winding-up matters, that entitlement did not extend to separate revival or validation proceedings under Section 536(2) of the Companies Act, 1956. The applicant had not participated at earlier stages, had stated that he had resigned as director, and was not shown to be a necessary or proper party to the scheme application. Reliance on Sections 391 and 394 was rejected as inapplicable. The application for impleadment and audience was therefore refused. en-us Wed, 31 Jul 2013 00:00:00 +0530 Wed, 18 Dec 2024 19:04:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459560 In proceedings concerning validation of purchase of shares in a company under liquidation, the Court held that a shareholder and former director had no locus standi to be impleaded or to participate merely because winding-up proceedings were pending. While creditors and contributories may be heard in winding-up matters, that entitlement did not extend to separate revival or validation proceedings under Section 536(2) of the Companies Act, 1956. The applicant had not participated at earlier stages, had stated that he had resigned as director, and was not shown to be a necessary or proper party to the scheme application. Reliance on Sections 391 and 394 was rejected as inapplicable. The application for impleadment and audience was therefore refused. Case-Laws Companies Law Wed, 31 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459560