Power of Tribunal to prevent change in Board of directors likely to affect company prejudicially.

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Power of Tribunal to prevent change in Board of directors likely to affect company prejudicially.

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....ther director, [4][* * *] [5][or the manager], of a company that as a result of a change which has taken place or is likely to take place in the ownership of any shares held in the company, a change in the Board of directors is likely to take place which (if allowed) would affect prejudicially the affairs of the company, the [6][Tribunal] may, if satisfied, after such inquiry as it thinks fit to m....

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....d.      (3) Nothing contained in sub-sections (1) and (2) shall apply to a private company, unless it is a subsidiary of a public company.     ------------------------------------ Notes:- [1] Substituted for "Company Law Board" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified to be notified. Earlier the quoted words were substitute....

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.... treasures" had become redundant after abolition of system by Act 17 of 1969. [5] Substituted by the Companies Act, 1960, Act 65 of 1960, section 156, for "or the secretaries and treasurers". [6] Substituted for "Company Law Board" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified to be notified. Earlier the quoted words were substituted for "Central Government" by ....

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Power of Tribunal to prevent change in Board of directors likely to affect company prejudicially.