https://www.taxtmi.com/caselaws?id=100189 Non-compliance with directions to convene creditors' meetings under section 391 of the Companies Act, 1956 was not condoned where the company's explanation was found unsatisfactory, its reliance on later reconstruction proposals was treated as an afterthought, and the Court considered the conduct lacking in bona fides. The Court also held that fixed depositors form a distinct class protected by the separate statutory regime under sections 58A and 58B and the Companies (Acceptance of Deposits) Rules, 1975. A compromise or reconstruction scheme under section 391 could not dilute or override those deposit protections, and no workable basis was shown for dealing with the deposit liabilities. en-us Wed, 24 Feb 1982 00:00:00 +0530 Tue, 31 Jan 2012 15:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100189 Non-compliance with directions to convene creditors' meetings under section 391 of the Companies Act, 1956 was not condoned where the company's explanation was found unsatisfactory, its reliance on later reconstruction proposals was treated as an afterthought, and the Court considered the conduct lacking in bona fides. The Court also held that fixed depositors form a distinct class protected by the separate statutory regime under sections 58A and 58B and the Companies (Acceptance of Deposits) Rules, 1975. A compromise or reconstruction scheme under section 391 could not dilute or override those deposit protections, and no workable basis was shown for dealing with the deposit liabilities. Case-Laws Companies Law Wed, 24 Feb 1982 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100189