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TMI BlogClass action.X X X X Extracts X X X X X X X X Extracts X X X X ..... any from committing breach of any provision of the company s memorandum or articles; (c) to declare a resolution altering the memorandum or articles of the company as void if the resolution was passed by suppression of material facts or obtained by mis-statement to the members or depositors; (d) to restrain the company and its directors from acting on such resolution; (e) to restrain the company from doing an act which is contrary to the provisions of this Act or any other law for the time being in force; (f) to restrain the company from taking action contrary to any resolution passed by the members; (g) to claim damages or compensation or demand any other suitable action from or against (i) the company or its directors for any fraudulent, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r or depositors to whom the company owes such percentage of total deposits of the company as may be prescribed. (3) In considering an application under sub-section (1), the Tribunal shall take into account, in particular (a) whether the member or depositor is acting in good faith in making the application for seeking an order; (b) any evidence before it as to the involvement of any person other than directors or officers of the company on any of the matters provided in clauses (a) to (f) of sub- section (1); (c) whether the cause of action is one which the member or depositor could pursue in his own right rather than through an order under this section; (d) any evidence before it as to the views of the members or depositors of the company w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the Tribunal shall be binding on the company and all its members, depositors and auditor including audit firm or expert or consultant or advisor or any other person associated with the company. (6) Any company which fails to comply with an order passed by the Tribunal under this section shall be punishable with fine which shall not be less than five lakh rupees but which may extend to twenty-five lakh rupees and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to three years and with fine which shall not be less than twenty-five thousand rupees but which may extend to one lakh rupees. (7) Where any application filed before the Tribunal is found to be frivolous or vexatious ..... X X X X Extracts X X X X X X X X Extracts X X X X
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