https://www.taxtmi.com/caselaws?id=106551 A scheme of compromise and arrangement under the Companies Act, 1956 was refused because the company did not make a true and correct disclosure of its financial position. The Court found that the balance sheet and supporting statements did not present a reliable picture of liabilities and recoveries, and that the projected sources of payment lacked credibility. Repeated adjournments also supported the view that the proposal was being delayed without a workable foundation. On these facts, the arrangement was held unfair and incapable of implementation, and no direction was made to progress the scheme. en-us Wed, 28 Nov 2001 00:00:00 +0530 Wed, 14 Mar 2012 16:57:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=106551 A scheme of compromise and arrangement under the Companies Act, 1956 was refused because the company did not make a true and correct disclosure of its financial position. The Court found that the balance sheet and supporting statements did not present a reliable picture of liabilities and recoveries, and that the projected sources of payment lacked credibility. Repeated adjournments also supported the view that the proposal was being delayed without a workable foundation. On these facts, the arrangement was held unfair and incapable of implementation, and no direction was made to progress the scheme. Case-Laws Companies Law Wed, 28 Nov 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=106551