https://www.taxtmi.com/caselaws?id=96801 Sanction of the directors' scheme under Section 153 was refused because the proposal was not a genuine reconstruction, lacked full and accurate disclosure, and was infeasible and unjust to creditors; the company's provisional liquidators reported liabilities exceeding realizable assets, significant irrecoverable advances to directors and associates, undisclosed branch positions, and misleading representations at meetings. The consequence is rejection of the scheme, enforcement of compulsory winding up and dismissal of the appeals. en-us Fri, 10 Feb 1939 00:00:00 +0530 Wed, 11 Jan 2012 12:18:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96801 Sanction of the directors' scheme under Section 153 was refused because the proposal was not a genuine reconstruction, lacked full and accurate disclosure, and was infeasible and unjust to creditors; the company's provisional liquidators reported liabilities exceeding realizable assets, significant irrecoverable advances to directors and associates, undisclosed branch positions, and misleading representations at meetings. The consequence is rejection of the scheme, enforcement of compulsory winding up and dismissal of the appeals. Case-Laws Companies Law Fri, 10 Feb 1939 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96801