https://www.taxtmi.com/caselaws?id=96667 The memorandum's reservation of power to vary the rights attached to different classes of shares meant that a resolution passed under the prescribed internal procedure did not amount to an amendment requiring sanction under Section 54 of the Indian Companies Act, 1913. The August 2 resolution altering deferred-share rights was therefore valid without court sanction and did not require treatment as a compromise or arrangement. Once those class rights were equalised, the October 11 resolution for consolidation of ordinary and deferred shares could be considered independently and sanctioned on its own footing, since it no longer affected any special privilege. The revisional jurisdiction of the High Court under Section 115 of the Code of Civil Procedure, 1908 was also affirmed. en-us Fri, 21 Dec 1934 00:00:00 +0530 Tue, 10 Jan 2012 12:19:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96667 The memorandum's reservation of power to vary the rights attached to different classes of shares meant that a resolution passed under the prescribed internal procedure did not amount to an amendment requiring sanction under Section 54 of the Indian Companies Act, 1913. The August 2 resolution altering deferred-share rights was therefore valid without court sanction and did not require treatment as a compromise or arrangement. Once those class rights were equalised, the October 11 resolution for consolidation of ordinary and deferred shares could be considered independently and sanctioned on its own footing, since it no longer affected any special privilege. The revisional jurisdiction of the High Court under Section 115 of the Code of Civil Procedure, 1908 was also affirmed. Case-Laws Companies Law Fri, 21 Dec 1934 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96667