https://www.taxtmi.com/caselaws?id=99327 The scheme proposed under Section 391(2) of the Companies Act, 1956 was rejected by the court due to various reasons: inadequate voting majority, rejection by secured creditors, and lack of full disclosure of material facts required by the Act. The court emphasized the importance of compliance with statutory provisions and complete disclosure for scheme approval. As a result, the petition was dismissed, and all stay orders were lifted. en-us Wed, 17 Sep 1975 00:00:00 +0530 Wed, 25 Jan 2012 18:47:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99327 The scheme proposed under Section 391(2) of the Companies Act, 1956 was rejected by the court due to various reasons: inadequate voting majority, rejection by secured creditors, and lack of full disclosure of material facts required by the Act. The court emphasized the importance of compliance with statutory provisions and complete disclosure for scheme approval. As a result, the petition was dismissed, and all stay orders were lifted. Case-Laws Companies Law Wed, 17 Sep 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99327