https://www.taxtmi.com/caselaws?id=97537 Before sanctioning a compromise or reconstitution under section 153 of the Companies Act, the court must first determine whether the proposed scheme is legally permissible and may not lawfully approve a members' resolution that effects an unlawful discharge of member liability or introduces a substantial alteration inconsistent with statute; consequently, the sanction given in the terms of members' resolutions discharging members from liability was set aside. Separately, applications concerning a liquidator's conduct under section 176 may be pursued later; removal was refused while preserving the petitioner's right to agitate proven charges at the time of 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 Before sanctioning a compromise or reconstitution under section 153 of the Companies Act, the court must first determine whether the proposed scheme is legally permissible and may not lawfully approve a members' resolution that effects an unlawful discharge of member liability or introduces a substantial alteration inconsistent with statute; consequently, the sanction given in the terms of members' resolutions discharging members from liability was set aside. Separately, applications concerning a liquidator's conduct under section 176 may be pursued later; removal was refused while preserving the petitioner's right to agitate proven charges at the time of discharge. Case-Laws Companies Law Sun, 18 Aug 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97537