https://www.taxtmi.com/caselaws?id=96640 A scheme of arrangement under Section 153 of the Companies Act, 1929 requires both proper convening of the class meeting and the requisite majority in number and value, together with the Court's independent judgment that the proposal is one an intelligent and honest member of the class might reasonably approve. The class is ordinarily better placed than the Court to assess commercial advantage if it acts on sufficient information and in good faith. Members may vote by proxy, including general or special proxy, and that statutory right is not cut down by practice directions. Any explanatory circular, if issued, must be fair and disclose the main facts needed for informed voting, with proper majorities obtained for each affected class. en-us Wed, 22 Nov 1933 00:00:00 +0530 Tue, 10 Jan 2012 10:28:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96640 A scheme of arrangement under Section 153 of the Companies Act, 1929 requires both proper convening of the class meeting and the requisite majority in number and value, together with the Court's independent judgment that the proposal is one an intelligent and honest member of the class might reasonably approve. The class is ordinarily better placed than the Court to assess commercial advantage if it acts on sufficient information and in good faith. Members may vote by proxy, including general or special proxy, and that statutory right is not cut down by practice directions. Any explanatory circular, if issued, must be fair and disclose the main facts needed for informed voting, with proper majorities obtained for each affected class. Case-Laws Companies Law Wed, 22 Nov 1933 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96640