Change in shareholding with sole object of gaining control of company is oppression

COMPANY LAW BOARD, principal bench, NEW DELHI Rajendra Prasad Rungta v. Amber Commercial (P.) Ltd. C.P. NO. 82 OF 2005 AUGUST 26, 2011 ORDER 1. In this order I am considering Company Petition No. 82 of 2005 filed by the petitioners against the respondents [R-1-company, namely, Amber Commercial (P.) Ltd. and others] under sections 397, 398, 402 and 409 read with section 111 of the Companies Act, 1956 (‘the Act’) alleging oppression and mismanagement and, hence, seeking setting aside of illegal and fraudulent transfer of 21,000 shares held by P-1 ; 9,090 shares held...