Tuesday 25 February 2014

Allotment of fresh shares to petitioner in breach of family settlement order was void

CL: Where consent order passed in terms of memorandum of family settlement contemplated achieving object of equality of shares to each party by inter se transfer of shares, fresh allotment of equity shares to themselves by petitioners in board meeting, being in blatant violation of MFS was illegal, and did not give to petitioners status of a member of company competent to maintain petition under section 397 and, therefore, proper remedy available to petitioner would be to seek enforcement of con


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