TaxTMI 
TaxTMI 
Power of Tribunal to prevent change in Board of directors likely to affect company prejudicially.
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....[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 make that it is ....
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....ons (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 substituted for "Central Government" by the Companies (Amendment) Act, 1988, w.e.f 31-5-1....
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....[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 the Companies (Amendment) Act, 1988, w.e.f 31-5-1991. [7] Substituted by the C....