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IBC - Highlights / Catch Notes

Home Highlights December 2020 Year 2020 This

Cancellation of shares - Petitioners have contended that the ...

Case Laws     Insolvency and Bankruptcy

December 12, 2020

Cancellation of shares - Petitioners have contended that the cancellation of shares were done without obtaining consent and without giving opportunity to the petitioners - Since it has been held by this Tribunal that the removal of the petitioners as board of directors is also invalid, it is considered that the continuation of the clauses 31(a), 32 and 39(b) are totally against the interest of the majority shareholders and hence it is ordered that the above mentioned clauses may be deleted and the Articles of Association thus stand amended of the R1 company. - Tri

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