https://www.taxtmi.com/caselaws?id=103998 Sanction of a revival scheme under the Companies Act, 1956 requires procedural compliance, fair class representation, the requisite creditor and shareholder majority, and a bona fide commercially viable arrangement serving public interest. Lawfully transferred shares and creditor claims may be included in voting strength, with majority assessed by value and the persons represented rather than a purely mechanical head count. Technical objections concerning substitution of a scheme sponsor, register entries, disclosure, creditor status, or absence of a project report need not defeat sanction where the scheme's basic structure remains intact, transfers are recognised, and implementation can be supervised after approval. en-us Fri, 28 May 1993 00:00:00 +0530 Mon, 27 Feb 2012 10:37:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=103998 Sanction of a revival scheme under the Companies Act, 1956 requires procedural compliance, fair class representation, the requisite creditor and shareholder majority, and a bona fide commercially viable arrangement serving public interest. Lawfully transferred shares and creditor claims may be included in voting strength, with majority assessed by value and the persons represented rather than a purely mechanical head count. Technical objections concerning substitution of a scheme sponsor, register entries, disclosure, creditor status, or absence of a project report need not defeat sanction where the scheme's basic structure remains intact, transfers are recognised, and implementation can be supervised after approval. Case-Laws Companies Law Fri, 28 May 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=103998