Wednesday, March 15, 2017

Decision of board to increase share capital nullified as it was taken in absence of petitioner director: NCLT

The National Company Law Tribunal, Hyderabad Bench held that where respondents had taken several major decisions including enhancement of authorised share capital in board meetings in absence of petitioner, such things constituted oppression and mismanagement of affairs of respondent-company and decision to enhance authorised share capital was declared null and void.
M. Sridhar Reddy v. Rohini Auto Electricals (P.) Ltd. [2017] 78 taxmann.com 27 (NCLT - Hyd.)

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