https://www.taxtmi.com/caselaws?id=97080 A banking-company scheme could not be sanctioned where the version placed before the Court had been materially altered after approval by the requisite majority, so it was no longer the same scheme certified in the approval process. The Court also declined sanction because the proposal was not reasonable or practicable: its success depended on doubtful debt recoveries, reflected management weaknesses, and involved reduction of share capital without compliance with the statutory requirements for such reduction. Judicial confirmation was therefore refused for both lack of approval in the form presented and substantive legal non-compliance. en-us Wed, 29 Nov 1950 00:00:00 +0530 Fri, 13 Jan 2012 18:46:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97080 A banking-company scheme could not be sanctioned where the version placed before the Court had been materially altered after approval by the requisite majority, so it was no longer the same scheme certified in the approval process. The Court also declined sanction because the proposal was not reasonable or practicable: its success depended on doubtful debt recoveries, reflected management weaknesses, and involved reduction of share capital without compliance with the statutory requirements for such reduction. Judicial confirmation was therefore refused for both lack of approval in the form presented and substantive legal non-compliance. Case-Laws Companies Law Wed, 29 Nov 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97080