AAR on admissibility of legal expenses claimed by a non-resident company for transfer of its shares held in an Indian listed company

RELEVANT EXTRACTS: 12. The applicant has given the details of legal proceedings that preceded the transfer of shares starting from the filing of Company Petition No. 19/2007 and 133 of 2007 by the Indian Promoters and by the applicant respectively before the Company Law Board (CLB). These Company Petitions were filed under Section 397 and 398 of the Companies Act for relief against oppression of minority shareholders and mismanagement of the company. Ultimately, as stated, the parties settled the disputes and arrived at a settlement. The Memorandum of Settlement was signed on 6.5.2008. Accordi...