https://www.taxtmi.com/caselaws?id=99648 Section 392 of the Companies Act, 1956 gives the court continuing supervisory power after sanction of a compromise or arrangement, and that wider post-sanction jurisdiction is not confined to members, creditors or a liquidator. An application for modification may be maintained by any person with a sufficient, bona fide interest in the company's affairs, and procedural rules cannot narrow that statutory scope. The term "modify" is broad enough to include additions and omissions needed for the proper working of the scheme. On that basis, substitution of the original sponsor by another bona fide and capable person may be ordered where necessary to make the scheme workable. en-us Tue, 30 Jan 1979 00:00:00 +0530 Mon, 02 Dec 2013 15:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99648 Section 392 of the Companies Act, 1956 gives the court continuing supervisory power after sanction of a compromise or arrangement, and that wider post-sanction jurisdiction is not confined to members, creditors or a liquidator. An application for modification may be maintained by any person with a sufficient, bona fide interest in the company's affairs, and procedural rules cannot narrow that statutory scope. The term "modify" is broad enough to include additions and omissions needed for the proper working of the scheme. On that basis, substitution of the original sponsor by another bona fide and capable person may be ordered where necessary to make the scheme workable. Case-Laws Companies Law Tue, 30 Jan 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99648