https://www.taxtmi.com/caselaws?id=97032 In a scheme of arrangement, only persons who are creditors within the relevant class may be treated as entitled to participate and vote, and proxy holders who are not themselves creditors cannot validly be counted. Persons not shown in the company's books must establish at least a prima facie claim before being treated as creditors. Votes cast by ineligible proxy holders were excluded, so the scheme lacked the requisite support. The Court also declined to make substantial alterations to the scheme without further creditor consideration, and directed a fresh meeting of creditors and shareholders. en-us Fri, 13 May 1949 00:00:00 +0530 Fri, 13 Jan 2012 17:12:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97032 In a scheme of arrangement, only persons who are creditors within the relevant class may be treated as entitled to participate and vote, and proxy holders who are not themselves creditors cannot validly be counted. Persons not shown in the company's books must establish at least a prima facie claim before being treated as creditors. Votes cast by ineligible proxy holders were excluded, so the scheme lacked the requisite support. The Court also declined to make substantial alterations to the scheme without further creditor consideration, and directed a fresh meeting of creditors and shareholders. Case-Laws Companies Law Fri, 13 May 1949 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97032