https://www.taxtmi.com/caselaws?id=97537 A court considering sanction of a company reconstitution under section 153 of the Companies Act, 1913 must first decide whether the proposal placed before it is legally capable of approval. It cannot sanction a materially different arrangement or cure an unlawful proposal by substituting a new scheme; where the resolutions contemplated reconstitution without liability to members and no lawful scheme was before the court, sanction was unsustainable and was set aside. Where liquidation had substantially been completed, with assets realised and liabilities discharged, removal of the liquidator could be refused as no longer necessary for the company's protection, while unresolved charges were left open for consideration at discharge. en-us Sun, 18 Aug 1957 00:00:00 +0530 Tue, 17 Jan 2012 11:45:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97537 A court considering sanction of a company reconstitution under section 153 of the Companies Act, 1913 must first decide whether the proposal placed before it is legally capable of approval. It cannot sanction a materially different arrangement or cure an unlawful proposal by substituting a new scheme; where the resolutions contemplated reconstitution without liability to members and no lawful scheme was before the court, sanction was unsustainable and was set aside. Where liquidation had substantially been completed, with assets realised and liabilities discharged, removal of the liquidator could be refused as no longer necessary for the company's protection, while unresolved charges were left open for consideration at discharge. Case-Laws Companies Law Sun, 18 Aug 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97537