Company Law Board Regulations, 1991

The Supreme Court examined a petition filed by a group of minority shareholders, including a family trust, under Sections 397 and 398 of the Companies Act alleging oppression and mismanagement by Gwalior Sugar Co. The Court had to decide whether the petitioners satisfied the 10% shareholding requirement, whether a co‑t…

The respondent, a beneficiary of shares bequeathed by his mother, sought registration of the transmission of those shares after the company refused to register them. The refusal triggered an appeal under the erstwhile Companies Act, 1956, which the respondent failed to file within the prescribed two‑month period; he la…

Satish Chandra challenged Sections 4, 5, 16, 21 and 27 of the Companies (Amendment) Act, 1988 on the grounds that Parliament lacked competence to create the Company Law Board (CLB) and that the Act failed to protect minority shareholders. The petition argued that the power under Section 397 of the Companies Act, 1956 w…