https://www.taxtmi.com/caselaws?id=104247 Section 45QA(2) of the Reserve Bank of India Act confers a discretionary power that must be exercised in light of the company's interests, depositors' interests and public interest. A pending scheme under section 391 of the Companies Act was a relevant factor because the proposed arrangement could affect all creditors, including the depositor-applicant. The Company Law Board therefore did not decline relief on an irrelevant consideration or abdicate jurisdiction; it assessed the request in the context of the ongoing company proceeding and preserved the applicant's ability to seek recourse if the scheme was not sanctioned. The challenge to the order accordingly failed. en-us Wed, 08 Sep 1999 00:00:00 +0530 Thu, 01 Mar 2012 17:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=104247 Section 45QA(2) of the Reserve Bank of India Act confers a discretionary power that must be exercised in light of the company's interests, depositors' interests and public interest. A pending scheme under section 391 of the Companies Act was a relevant factor because the proposed arrangement could affect all creditors, including the depositor-applicant. The Company Law Board therefore did not decline relief on an irrelevant consideration or abdicate jurisdiction; it assessed the request in the context of the ongoing company proceeding and preserved the applicant's ability to seek recourse if the scheme was not sanctioned. The challenge to the order accordingly failed. Case-Laws Companies Law Wed, 08 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=104247