Landmark JudgmentSupreme Court of IndiaDale & Carrington Investment v. P.K. Prathapan: directors' fiduciary duty and allotment to gain controlThe Supreme Court imported the 'proper purpose' rule into Indian company law, holding that an allotment engineered to reduce a majority shareholder to a minority is an invalid exercise of fiduciary power and an act of oppression.Valkya Editorial·14 Jun 2026·8 min