Scheme preparation: reconstruction, management change, amalgamation or sale may be ordered and becomes binding once sanctioned. The Board may, after inquiry, determine practicability of restoring a sick industrial company's net worth and either grant time with conditions or require an operating agency to prepare a scheme. Schemes may provide for financial reconstruction, management change or takeover, amalgamation, sale or lease of undertakings, personnel rationalisation, alteration of capital and transfer of assets and liabilities. Draft schemes are circulated for objections; once sanctioned the scheme vests property and liabilities as provided, is conclusive evidence of compliance, and is binding on companies, shareholders, creditors, guarantors and employees.