https://www.taxtmi.com/caselaws?id=99803 The court sanctioned the scheme proposed under Section 391 of the Companies Act to revive a company in liquidation, the Colaba Land and Mill Co. Ltd. The scheme involved restarting the company with revised capital, which was not considered a reduction of share capital. Despite concerns about shareholder representation, the court held that once approved by the majority, the scheme binds all shareholders. The scheme complied with statutory provisions, protected dissenting shareholders, and the court preferred a permanent stay of winding-up proceedings, allowing the company to resume operations under the new scheme. en-us Fri, 06 Jul 1979 00:00:00 +0530 Mon, 30 Jan 2012 11:58:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=99803 The court sanctioned the scheme proposed under Section 391 of the Companies Act to revive a company in liquidation, the Colaba Land and Mill Co. Ltd. The scheme involved restarting the company with revised capital, which was not considered a reduction of share capital. Despite concerns about shareholder representation, the court held that once approved by the majority, the scheme binds all shareholders. The scheme complied with statutory provisions, protected dissenting shareholders, and the court preferred a permanent stay of winding-up proceedings, allowing the company to resume operations under the new scheme. Case-Laws Companies Law Fri, 06 Jul 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=99803