https://www.taxtmi.com/caselaws?id=98693 Compromise and arrangement under section 391 may encompass share-capital reorganisation and reduction when applicable procedural safeguards for affected classes are satisfied. Disclosure under the proviso to section 391(2) concerns the sanction stage and requires the court to have an adequate current financial picture. Creditor and member classes must be properly identified, with approval obtained by the requisite statutory majorities; non-material defects in notices, proxies or meeting procedure need not defeat the scheme. Fraudulent-preference objections require a sustainable factual basis. Sanction depends on commercial fairness, workability, and whether revival offers a preferable outcome to compulsory liquidation, while protecting creditors, shareholders and employees. en-us Wed, 10 Dec 1969 00:00:00 +0530 Sat, 21 Jan 2012 16:37:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98693 Compromise and arrangement under section 391 may encompass share-capital reorganisation and reduction when applicable procedural safeguards for affected classes are satisfied. Disclosure under the proviso to section 391(2) concerns the sanction stage and requires the court to have an adequate current financial picture. Creditor and member classes must be properly identified, with approval obtained by the requisite statutory majorities; non-material defects in notices, proxies or meeting procedure need not defeat the scheme. Fraudulent-preference objections require a sustainable factual basis. Sanction depends on commercial fairness, workability, and whether revival offers a preferable outcome to compulsory liquidation, while protecting creditors, shareholders and employees. Case-Laws Companies Law Wed, 10 Dec 1969 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98693