https://www.taxtmi.com/caselaws?id=108291 The court held that debenture holders, including Unit Trust of India (UTI), did not constitute a separate class, as all secured creditors were treated equally under the scheme. UTI's objection to being treated separately was dismissed since it participated in meetings without initial objection. The court found that the majority of creditors, representing 3/4th of the value, had approved the scheme. It also upheld the inclusion of working capital providers in the meeting and deemed the share exchange ratio fair. The court dismissed objections regarding disclosure of financial information and the appointment of directors, ultimately sanctioning the scheme with a modification to ensure parity among lenders. en-us Tue, 26 Aug 2003 00:00:00 +0530 Fri, 30 Mar 2012 17:54:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108291 The court held that debenture holders, including Unit Trust of India (UTI), did not constitute a separate class, as all secured creditors were treated equally under the scheme. UTI's objection to being treated separately was dismissed since it participated in meetings without initial objection. The court found that the majority of creditors, representing 3/4th of the value, had approved the scheme. It also upheld the inclusion of working capital providers in the meeting and deemed the share exchange ratio fair. The court dismissed objections regarding disclosure of financial information and the appointment of directors, ultimately sanctioning the scheme with a modification to ensure parity among lenders. Case-Laws Companies Law Tue, 26 Aug 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108291