https://www.taxtmi.com/caselaws?id=108231 In sanction proceedings for a scheme of amalgamation, a technical defect in the Chairman's report under Rule 78 was not fatal where the record otherwise showed substantial compliance, including member details and voting data. The Court held that such a procedural irregularity did not justify refusal of sanction. It also reiterated that, under sections 391 and 394 of the Companies Act, 1956, the Court exercises limited supervisory jurisdiction and will not revisit the shareholders' commercial wisdom unless the scheme, valuation or swap ratio is shown to be grossly unfair, illegal, unconscionable or contrary to public policy. On that basis, sanction was granted. en-us Fri, 27 Jun 2003 00:00:00 +0530 Fri, 30 Mar 2012 15:42:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108231 In sanction proceedings for a scheme of amalgamation, a technical defect in the Chairman's report under Rule 78 was not fatal where the record otherwise showed substantial compliance, including member details and voting data. The Court held that such a procedural irregularity did not justify refusal of sanction. It also reiterated that, under sections 391 and 394 of the Companies Act, 1956, the Court exercises limited supervisory jurisdiction and will not revisit the shareholders' commercial wisdom unless the scheme, valuation or swap ratio is shown to be grossly unfair, illegal, unconscionable or contrary to public policy. On that basis, sanction was granted. Case-Laws Companies Law Fri, 27 Jun 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108231