No Separate Meeting Needed When Same Terms Apply to Entire Shareholder Class: Calcutta HC

Industrial Investment Bank of India Limited Vs Smt. Persis A. Khambatta & Another (Calcutta High Court) The Calcutta High Court considered an appeal challenging an order of a learned Single Judge that had confirmed an interim direction requiring the appellant bank to set aside properties worth ₹2 crore to secure the claims of certain preference shareholders. The dispute arose from a resolution passed in the 13th Annual General Meeting (AGM) held on September 20, 2010, whereby the appellant bank decided to redeem preference shares at 20% of the principal amount as full and final settlemen...