Court Denies Petition to Contest Directorship Election Without Mandatory Rs. 1 Lakh Deposit, Upholds Legal Requirement.

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....Permission to contest election for directorship without insisting on deposit - When the law requires that there should be deposit of ₹ 1 lakh to contest for directorship of a company, we fail to understand as to how the same can be waived off at the instance of the petitioner. In such circumstances, we are not inclined to accede to the prayer for interim relief made by the petitioner. - HC....