Section - 409 - Companies Act, 1956

Section - 409 - Power of Tribunal to prevent change in Board of Directors likely to affect company prejudicially

Power of

[Tribunal] to prevent change in Board of directors likely to affect company prejudicially.

409. (1) Where a complaint is made to the

[Tribunal] by the managing director or any other director

[***] or the manager of a company that as a result of a change which has taken place or is likely to take place in the ownership of any shares held in the company, a change in the Board of directors is likely to take place which (if allowed) would affect prejudicially the affairs of the company, the

[Tribunal] may, if satisfied, after such inquiry as it thinks fit to make that it is just and proper so to do, by order, direct that

[no resolution passed or that may be passed or no action taken or that may be taken] to effect a change in the Board of directors after the date of the complaint shall have effect unless confirmed by the

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