https://www.taxtmi.com/caselaws?id=106506 The Court rejected the petition for the sanction of the scheme of arrangement as it was not maintainable under Section 391 of the Companies Act, 1956, due to the second petitioner's lack of standing as a member or creditor. The scheme was deemed lacking in genuineness and not in the best interest of the company, its members, and creditors. Consequently, the petition was dismissed with no order as to costs. en-us Tue, 08 Oct 2002 00:00:00 +0530 Wed, 14 Mar 2012 15:19:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106506 The Court rejected the petition for the sanction of the scheme of arrangement as it was not maintainable under Section 391 of the Companies Act, 1956, due to the second petitioner's lack of standing as a member or creditor. The scheme was deemed lacking in genuineness and not in the best interest of the company, its members, and creditors. Consequently, the petition was dismissed with no order as to costs. Case-Laws Companies Law Tue, 08 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106506