https://www.taxtmi.com/caselaws?id=106518 A scheme of arrangement transferring assets and liabilities to other companies required independent compliance by the transferee companies under sections 391 to 394 of the Companies Act, 1956. The court treated their presence before the court as necessary because the scheme affected their capital structure, shareholders, creditors, and continuing obligations. Affidavits, board resolutions, or Rule 9 applications could not replace the statutory process, including notice and approval of meetings under section 391. The scheme could not be sanctioned on the transferor company's petition alone, and the arrangement was rejected as incapable of binding the transferee companies or their stakeholders. en-us Tue, 22 Oct 2002 00:00:00 +0530 Wed, 14 Mar 2012 15:38:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106518 A scheme of arrangement transferring assets and liabilities to other companies required independent compliance by the transferee companies under sections 391 to 394 of the Companies Act, 1956. The court treated their presence before the court as necessary because the scheme affected their capital structure, shareholders, creditors, and continuing obligations. Affidavits, board resolutions, or Rule 9 applications could not replace the statutory process, including notice and approval of meetings under section 391. The scheme could not be sanctioned on the transferor company's petition alone, and the arrangement was rejected as incapable of binding the transferee companies or their stakeholders. Case-Laws Companies Law Tue, 22 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106518