https://www.taxtmi.com/caselaws?id=109410 A scheme of arrangement under sections 391 to 394 of the Companies Act, 1956 was treated as capable of covering a reorganisation involving set-off of irrecoverable loans and advances and carried forward losses against the company's share premium account. The expression "arrangement" was read broadly with the inclusive definition in section 390(b), and the restructuring was considered permissible despite sections 78 and 100 dealing with reduction of capital and share premium. The Court also noted compliance with the Companies (Court) Rules, strong shareholder approval, and the absence of prejudice to creditors, charge holders, or the public interest, and sanctioned the scheme. en-us Tue, 02 Sep 2003 00:00:00 +0530 Mon, 09 Apr 2012 17:48:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109410 A scheme of arrangement under sections 391 to 394 of the Companies Act, 1956 was treated as capable of covering a reorganisation involving set-off of irrecoverable loans and advances and carried forward losses against the company's share premium account. The expression "arrangement" was read broadly with the inclusive definition in section 390(b), and the restructuring was considered permissible despite sections 78 and 100 dealing with reduction of capital and share premium. The Court also noted compliance with the Companies (Court) Rules, strong shareholder approval, and the absence of prejudice to creditors, charge holders, or the public interest, and sanctioned the scheme. Case-Laws Companies Law Tue, 02 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109410