A shareholder can initiate legal action on behalf of a company if he can prove that wrong-doers are in control of it, the Bombay high court has ruled.
Upholding shareholders right to initiate derivative action on behalf of a company in exceptional cases, the HC last month struck down the 2007 sale of Genelec Ltds Mumbai property in a suit filed by a shareholder.
As per the details of the case, three of Genelecs directors — Vinod Faria, Suresh Faria and Amarish Nishar — had sold the companys Andheri property valued at Rs 18.28 crore for Rs 6.95 crore without seeking approval from the companys general body.
More : dnaindia.com
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