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2009 (1) TMI 480 - HIGH COURT OF CALCUTTAOppression and mismanagement - dilution of appellants’ shareholding percentage in the company - Held that:- A civil court would not sit in judgment over the commercial wisdom of corporators. The appellants do not show that the decision to issue further shares was ultra vires the powers of the directors under the articles of association of the company. In the absence of any apparent illegality, the propriety of the issue hinges on the collective wisdom of the Board against the assertion of the appellants. The learned Single Judge exercised his discretion to make a limited order and the appellants have not been able to demonstrate that the exercise of discretion was perverse or contrary to accepted judicial principles. Appeal dismissed.
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