https://www.taxtmi.com/caselaws?id=772906 Bombay HC validated the sale and transfer of 2,34,000 equity shares to applicants under Section 536(2) of Companies Act, 1956. The court held that applicants had an irrevocable call option right under a pre-existing MOU dated March 1, 2009 and amended agreement. When the company in liquidation failed to infuse required funds by March 31, 2013, applicants became legally entitled to exercise their call option. Despite the winding up petition being filed on March 28, 2014, the court found the transaction was based on crystallized contractual rights predating the winding up proceedings, was executed bona fide, and deserved protection. Application allowed. en-us Mon, 09 Jun 2025 00:00:00 +0530 Mon, 16 Jun 2025 08:38:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772906 Bombay HC validated the sale and transfer of 2,34,000 equity shares to applicants under Section 536(2) of Companies Act, 1956. The court held that applicants had an irrevocable call option right under a pre-existing MOU dated March 1, 2009 and amended agreement. When the company in liquidation failed to infuse required funds by March 31, 2013, applicants became legally entitled to exercise their call option. Despite the winding up petition being filed on March 28, 2014, the court found the transaction was based on crystallized contractual rights predating the winding up proceedings, was executed bona fide, and deserved protection. Application allowed. Case-Laws Companies Law Mon, 09 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772906