ENGLISH BISCUITS MANUFACTURERS (PRIVATE) LIMITED (EBM) versus ASSOCIATED BISCUITS INTERNATIONAL LIMITED THROUGH ATTORNEY
The charges against Sections 290 and 86 were that the purchase of the shares, which was being carried out at extremely high prices, is fraudulent and intended to oppress the minority shareholders. The Board of Directors could not announce the decision on the issue of further shares to the Company's shares. In appeal against the direction of the Company Judge, the High Court financed all acquisition of shares and all proceedings pursuant thereto, making them invalid as to the Company Judge's direction. Find out more about Independent valuers / auditors are engaged at the expense of the company, and based on the assessment determined by the auditor, the shares will be purchased from the financial proceeds from the issuance of the correct shares, the appeal will be based on the terms of the shares. Will be offered $ 6, Companies Ordinance, 1984 and if the appellant wishes to acquire the right shares (after the revised price) they must keep the terms of the time; that the appellants have interim measures Deposits an amount based on the fixed price that will be adjusted against the final value of the shares outstanding after the fresh price, The deposit was ordered within 30 days from the current date. The Division Bench of the High Court adjudicated the order of the Company Judge that the Government should appoint a qualified and qualified auditors / accountant for the valuation of the same shares, which would result in a new price, without interruption of fair market value. Would have been determined. Neither party to the appeal if the appellant company or any other source has been authorized by the official Assignee or the accountant / auditors
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