https://www.taxtmi.com/caselaws?id=110868 Pending proceedings for sanction of a scheme of arrangement under section 391 of the Companies Act, 1956 were directly relevant to depositors' claims because an approved scheme would bind the parties and determine their rights. In that context, the Company Law Board should not have ordered immediate repayment of deposits under section 45QA(2) of the Reserve Bank of India Act, 1934, as such relief could conflict with the eventual scheme. The proper course was to keep the depositor applications in abeyance until the section 391 proceedings were concluded. The order of the Company Law Board was therefore set aside. en-us Fri, 21 Jul 2006 00:00:00 +0530 Wed, 18 Apr 2012 18:48:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=110868 Pending proceedings for sanction of a scheme of arrangement under section 391 of the Companies Act, 1956 were directly relevant to depositors' claims because an approved scheme would bind the parties and determine their rights. In that context, the Company Law Board should not have ordered immediate repayment of deposits under section 45QA(2) of the Reserve Bank of India Act, 1934, as such relief could conflict with the eventual scheme. The proper course was to keep the depositor applications in abeyance until the section 391 proceedings were concluded. The order of the Company Law Board was therefore set aside. Case-Laws Companies Law Fri, 21 Jul 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=110868