Thursday, 13 June 2013

Mere allegation isn’t sufficient to invoke sec. 397/398; differences among shareholders isn’t an opp

CL : In order to attract provisions of section 397/398 it is necessary that alleged acts of oppression/mismanagement and illegality of conduct of majority shareholders are pleaded and proved with sufficient clarity and precision; acts resulting out of mere lack of confidence amongst members cannot be held to be oppressive


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