High Court of Bombay Upholds CLB Order in Oppression and Mismanagement Case — Conversion of Preference Shares and Board Reconstitution Upheld. Share Subscription cum Shareholders Agreement and Articles of Association amendments validly passed; conversion of preference shares into equity shares resulting in majority shareholding for investors was lawful....
The case involves appeals against an order of the Company Law Board (CLB) in a petition filed by Respondent Nos. 1 and 2 under Sections 397 and 398 of the Companies Act, 1956, alleging oppression and ...




