https://www.taxtmi.com/caselaws?id=96781 An amended scheme of arrangement, once sanctioned under the Companies Act, became binding on company, shareholders and creditors and fixed call dates and amounts; directors could not alter those terms or compromise individually without the Court's leave. Resolutions purporting to accelerate calls and effect forfeitures were inconsistent with the sanctioned scheme and therefore ultra vires and invalid. Ratification by creditors or shareholders could not validate such variations absent evidence of knowledge of illegality. Consequently appellants were restored to the register and placed on the list of contributories; appeals dismissed. en-us Mon, 17 Oct 1938 00:00:00 +0530 Wed, 11 Jan 2012 11:04:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96781 An amended scheme of arrangement, once sanctioned under the Companies Act, became binding on company, shareholders and creditors and fixed call dates and amounts; directors could not alter those terms or compromise individually without the Court's leave. Resolutions purporting to accelerate calls and effect forfeitures were inconsistent with the sanctioned scheme and therefore ultra vires and invalid. Ratification by creditors or shareholders could not validate such variations absent evidence of knowledge of illegality. Consequently appellants were restored to the register and placed on the list of contributories; appeals dismissed. Case-Laws Companies Law Mon, 17 Oct 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96781