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Chapter 2 - Section 9
Corporate & Other Laws
What is the meaning of writ petition will be maintainable by company or its shareholders here ??
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Writ Petition is an order by a higher court directing to do something or stop them from doing something. Generally, Company is separate from shareholders. Shareholder has no right in Company's property. But lets say, sometimes when a shareholder is engaged in the company's operations also and there may be a conflict of interest, the courts may order (writ petition) company to share assets with the person or not use assets at all till matter is resolved. It depends on situation.
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