https://www.taxtmi.com/caselaws?id=96776 A scheme of arrangement was not to be refused merely because shareholders objected where they had no real beneficial interest in the insolvent company's assets and the scheme had been approved in the statutory manner. The Court also stated that section 153 of the Companies Act 1929 does not let a company do by arrangement what its memorandum does not permit: an arrangement cannot validate an ultra vires act. Because the proposed scheme depended on the sale and transfer of the whole undertaking, and the memorandum gave no power to sell the undertaking as a going concern, sanction was refused. en-us Fri, 29 Jul 1938 00:00:00 +0530 Wed, 11 Jan 2012 10:50:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96776 A scheme of arrangement was not to be refused merely because shareholders objected where they had no real beneficial interest in the insolvent company's assets and the scheme had been approved in the statutory manner. The Court also stated that section 153 of the Companies Act 1929 does not let a company do by arrangement what its memorandum does not permit: an arrangement cannot validate an ultra vires act. Because the proposed scheme depended on the sale and transfer of the whole undertaking, and the memorandum gave no power to sell the undertaking as a going concern, sanction was refused. Case-Laws Companies Law Fri, 29 Jul 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96776