https://www.taxtmi.com/caselaws?id=101700 Interim restraint on transfer of a company's assets may be modified where a supervised sale better preserves stakeholder value. In light of financial distress, discharge of substantial tax liabilities, revival of operations, and deterioration of buses after prolonged idleness, the Court permitted sale by private negotiations in the presence of a Local Commissioner. The sale proceeds were required to be deposited in a scheduled bank, existing shareholders were to be given an opportunity to purchase at a higher price, and the sale remained subject to Court confirmation. The controlled process was used to protect the company, shareholders, and prospective purchasers. en-us Fri, 02 Jun 1989 00:00:00 +0530 Fri, 10 Feb 2012 17:31:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=101700 Interim restraint on transfer of a company's assets may be modified where a supervised sale better preserves stakeholder value. In light of financial distress, discharge of substantial tax liabilities, revival of operations, and deterioration of buses after prolonged idleness, the Court permitted sale by private negotiations in the presence of a Local Commissioner. The sale proceeds were required to be deposited in a scheduled bank, existing shareholders were to be given an opportunity to purchase at a higher price, and the sale remained subject to Court confirmation. The controlled process was used to protect the company, shareholders, and prospective purchasers. Case-Laws Companies Law Fri, 02 Jun 1989 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=101700