https://www.taxtmi.com/caselaws?id=105048 A scheme of arrangement was described as sanctionable where the statutory procedure was followed, the latest audited financial position was disclosed, and the requisite shareholder approval was obtained with knowledge of material facts. The commentary states that the court will ordinarily respect the commercial wisdom of the overwhelming majority and will not disturb the scheme absent illegality, fraud, or unfairness. It further notes that a scheme within the companies' objects will not fail merely because of complaints over disclosure, valuation methodology, or meeting irregularities unless the shareholders were actually misled. Employee and creditor objections were also said to require legally material prejudice, not speculative apprehension, before sanction can be refused. en-us Tue, 07 Dec 1999 00:00:00 +0530 Fri, 02 Mar 2012 12:53:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=105048 A scheme of arrangement was described as sanctionable where the statutory procedure was followed, the latest audited financial position was disclosed, and the requisite shareholder approval was obtained with knowledge of material facts. The commentary states that the court will ordinarily respect the commercial wisdom of the overwhelming majority and will not disturb the scheme absent illegality, fraud, or unfairness. It further notes that a scheme within the companies' objects will not fail merely because of complaints over disclosure, valuation methodology, or meeting irregularities unless the shareholders were actually misled. Employee and creditor objections were also said to require legally material prejudice, not speculative apprehension, before sanction can be refused. Case-Laws Companies Law Tue, 07 Dec 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=105048