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BApplicationb for Revision by Commissioner Rushabh Infosoft Ltd  Form

BApplicationb for Revision by Commissioner Rushabh Infosoft Ltd Form

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a company's board of directors has the authority to control the company's affairs before filing a derivative suit on the company's behalf a shareholder must typically demand that the board do so in in ray the limited a leading tribunal for corporate litigation explored a narrow exception leslie h wexner was the founder president chairman chief executive and largest shareholder of the limited a retail chain the company had excess cash and its board decided to use the cash to repurchase the company's stock the board also decided to rescind an existing redemption agreement with the wexner family a move that benefited the wexner's and freed up additional cash a group of stockholders argued that the repurchase and rescission were wasteful and violated the director's fiduciary duties without submitting a demand the stockholders brought suit in the delaware court of chancery the complaint alleged that board members lacked disinterest and indepen

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