https://www.taxtmi.com/caselaws?id=96983 Sanction of a scheme of arrangement under sections 153 and 153-A of the Indian Companies Act required independent court scrutiny despite approval by the requisite majority of depositors and members. The court had to confirm compliance with statutory requirements, its own directions, proper convening and conduct of meetings, and whether the scheme was a reasonable arrangement fairly serving the company and its creditors. On the facts, the meetings were properly held and procedural requirements were met; the creditors' acceptance of a write-off was not lightly to be disturbed. The scheme was sanctioned with modifications and conditions, subject to judicial supervision of the management. en-us Fri, 19 Mar 1948 00:00:00 +0530 Fri, 13 Jan 2012 15:16:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96983 Sanction of a scheme of arrangement under sections 153 and 153-A of the Indian Companies Act required independent court scrutiny despite approval by the requisite majority of depositors and members. The court had to confirm compliance with statutory requirements, its own directions, proper convening and conduct of meetings, and whether the scheme was a reasonable arrangement fairly serving the company and its creditors. On the facts, the meetings were properly held and procedural requirements were met; the creditors' acceptance of a write-off was not lightly to be disturbed. The scheme was sanctioned with modifications and conditions, subject to judicial supervision of the management. Case-Laws Companies Law Fri, 19 Mar 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96983