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of <h1>Supreme Court allows skipping shareholder meetings for scheme approval</h1> <h3>Rainbow Denim Ltd. Versus Rama Petrochemicals Ltd.</h3> Rainbow Denim Ltd. Versus Rama Petrochemicals Ltd. - [2003] 116 COMP. CAS. 640 (SC), 2002 (10) SCC 498 The Supreme Court allowed I.A. No. 2 and granted leave in the case where the appellant sought permission to dispense with calling meetings of shareholders and creditors for a scheme of arrangement. The Division Bench dismissed the appeal but allowed the appellant to file a fresh application for approval of the scheme. The court set aside the orders and granted liberty to the appellant to move the High Court for directions for calling meetings of shareholders and creditors for scheme approval.
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