https://www.taxtmi.com/caselaws?id=98822 A scheme of compromise and arrangement under section 391 is treated as a complete code for reconstruction and related corporate restructuring, including arrangements with takeover-like effects, where the statutory majority supports it and the classes are fairly represented. The text notes that prior permission for fresh capital may still be required under the Capital Issues (Control) Act, 1947, but the absence of such permission does not by itself prevent consideration or sanction of the scheme if permission can be pursued later. It also explains that sections 372, 395, 394 and 393(1) do not automatically bar sanction where the arrangement is not a prohibited purchase, a mandatory takeover procedure is unnecessary, no amalgamation is involved, and the disclosures are adequate. en-us Fri, 11 Sep 1970 00:00:00 +0530 Tue, 24 Jan 2012 11:41:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98822 A scheme of compromise and arrangement under section 391 is treated as a complete code for reconstruction and related corporate restructuring, including arrangements with takeover-like effects, where the statutory majority supports it and the classes are fairly represented. The text notes that prior permission for fresh capital may still be required under the Capital Issues (Control) Act, 1947, but the absence of such permission does not by itself prevent consideration or sanction of the scheme if permission can be pursued later. It also explains that sections 372, 395, 394 and 393(1) do not automatically bar sanction where the arrangement is not a prohibited purchase, a mandatory takeover procedure is unnecessary, no amalgamation is involved, and the disclosures are adequate. Case-Laws Companies Law Fri, 11 Sep 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98822