Allotment of Shares at Concessional Price is Oppressive Act qua Existing Members to whom no such Allotment made: NCLT [Read Order]
Allotment of the share value at a face value, which is less than its book value is itself is not in accordance with provision of Section 42 and Regulations made thereunder, rules NCLT
The Mumbai Bench of the National Company Law Tribunal (NCLT) observed that the allotment of shares at the concessional price is oppressive act qua existing members to whom no such allotment was made. The company petition was filed by the petitioners Mr. Ajay R Tajpuriya and Manoj R. Tajpuriya (Petitioners) seeking relief in terms of…
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