https://www.taxtmi.com/caselaws?id=101501 In a winding-up context, a bona fide share transfer under an arrangement may still be validated and registered where justice and fairness require it and the transaction is not prejudicial to the company or creditors; the court may require production of Reserve Bank permission for a non-resident transferee. The court also treated lawful transferees of shares and assigned debts as the proper members and creditors for voting in meetings convened under the compromise-and-arrangement procedure, with revised lists to reflect the substituted entitlements. Allegations that the proposed schemes were unworkable or unnecessary were insufficient to recall the meeting orders, and the statutory meeting process was allowed to proceed. en-us Wed, 20 May 1987 00:00:00 +0530 Thu, 09 Feb 2012 18:50:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101501 In a winding-up context, a bona fide share transfer under an arrangement may still be validated and registered where justice and fairness require it and the transaction is not prejudicial to the company or creditors; the court may require production of Reserve Bank permission for a non-resident transferee. The court also treated lawful transferees of shares and assigned debts as the proper members and creditors for voting in meetings convened under the compromise-and-arrangement procedure, with revised lists to reflect the substituted entitlements. Allegations that the proposed schemes were unworkable or unnecessary were insufficient to recall the meeting orders, and the statutory meeting process was allowed to proceed. Case-Laws Companies Law Wed, 20 May 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101501