https://www.taxtmi.com/caselaws?id=97903 Validity of statutory transfer turned on whether the Controller lawfully sanctioned a modified scheme and whether that sanction conflicted with company-law or agent rights or article 14. The Court reasoned that where the approved scheme and shareholder resolution authorised subsequent modifications and directors could accept Controller-suggested changes, the Controller's hearings and sanction meant the modified scheme was effectively the notified scheme - sanction valid. The transfer was an exercise of a memorandum power to sell the undertaking and did not constitute unauthorised alteration, de facto winding up, or impermissible capital reduction; agent commission rights remain as claims against the company; no arbitrary discrimination of policy-holders was shown. en-us Wed, 13 Dec 1961 00:00:00 +0530 Thu, 15 Mar 2018 14:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97903 Validity of statutory transfer turned on whether the Controller lawfully sanctioned a modified scheme and whether that sanction conflicted with company-law or agent rights or article 14. The Court reasoned that where the approved scheme and shareholder resolution authorised subsequent modifications and directors could accept Controller-suggested changes, the Controller's hearings and sanction meant the modified scheme was effectively the notified scheme - sanction valid. The transfer was an exercise of a memorandum power to sell the undertaking and did not constitute unauthorised alteration, de facto winding up, or impermissible capital reduction; agent commission rights remain as claims against the company; no arbitrary discrimination of policy-holders was shown. Case-Laws Companies Law Wed, 13 Dec 1961 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97903