https://www.taxtmi.com/caselaws?id=110219 Section 391(2) of the Companies Act, 1956 requires approval by a majority in number representing three-fourths in value of the creditors or members present and voting, and the "present and voting" requirement cannot be expanded into a three-fourths test of the entire class. The scheme discussed was treated as validly approved by the requisite majorities of equity shareholders, preference shareholders, bondholders and deposit holders, with non-attendance not amounting to dissent. The commentary also notes that a compromise or arrangement may be sanctioned even if it involves sale of assets, use of SLR securities, deferred repayment or waiver of post-appointed-date interest, provided it is fair, reasonable, bona fide and not contrary to public policy. en-us Fri, 08 Oct 2004 00:00:00 +0530 Sat, 14 Apr 2012 12:20:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110219 Section 391(2) of the Companies Act, 1956 requires approval by a majority in number representing three-fourths in value of the creditors or members present and voting, and the "present and voting" requirement cannot be expanded into a three-fourths test of the entire class. The scheme discussed was treated as validly approved by the requisite majorities of equity shareholders, preference shareholders, bondholders and deposit holders, with non-attendance not amounting to dissent. The commentary also notes that a compromise or arrangement may be sanctioned even if it involves sale of assets, use of SLR securities, deferred repayment or waiver of post-appointed-date interest, provided it is fair, reasonable, bona fide and not contrary to public policy. Case-Laws Companies Law Fri, 08 Oct 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110219