https://www.taxtmi.com/caselaws?id=103692 In company arrangement proceedings, notice to the Central Government was held unnecessary at the initial stage of taking out judges summons for directions to convene meetings, because the statutory notice requirement attached to the later petition for sanction. A joint petition by transferor and transferee companies was held maintainable, as no rule barred joinder where the matter was common and involved shared questions of law and fact. On sanction, the Court emphasised that approval depends on bona fides and public interest; it refused sanction where the proposed arrangement appeared to be a device for transferring valuable assets and avoiding governmental dues rather than a genuine commercial reorganisation. en-us Thu, 21 Apr 1994 00:00:00 +0530 Wed, 29 Feb 2012 17:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103692 In company arrangement proceedings, notice to the Central Government was held unnecessary at the initial stage of taking out judges summons for directions to convene meetings, because the statutory notice requirement attached to the later petition for sanction. A joint petition by transferor and transferee companies was held maintainable, as no rule barred joinder where the matter was common and involved shared questions of law and fact. On sanction, the Court emphasised that approval depends on bona fides and public interest; it refused sanction where the proposed arrangement appeared to be a device for transferring valuable assets and avoiding governmental dues rather than a genuine commercial reorganisation. Case-Laws Companies Law Thu, 21 Apr 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103692