https://www.taxtmi.com/caselaws?id=111314 The court upheld the validity of the shareholders' meeting and resolution under section 391 of the Companies Act, emphasizing the binding nature of the majority decision. It deemed the options provided to shareholders for liquidating shares as fair, within the company's authority if approved by the majority. The court ruled that separate meetings were unnecessary as all shareholders were considered a single homogeneous class. Compliance with statutory requirements for reducing share capital under section 100 was found satisfactory, and objections raised by the Regional Director were dismissed. The court sanctioned the Scheme, finding it legally sound and commercially acceptable, with a stay on the judgment for four weeks for potential appeals. en-us Thu, 21 Aug 2008 00:00:00 +0530 Mon, 01 Dec 2014 13:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=111314 The court upheld the validity of the shareholders' meeting and resolution under section 391 of the Companies Act, emphasizing the binding nature of the majority decision. It deemed the options provided to shareholders for liquidating shares as fair, within the company's authority if approved by the majority. The court ruled that separate meetings were unnecessary as all shareholders were considered a single homogeneous class. Compliance with statutory requirements for reducing share capital under section 100 was found satisfactory, and objections raised by the Regional Director were dismissed. The court sanctioned the Scheme, finding it legally sound and commercially acceptable, with a stay on the judgment for four weeks for potential appeals. Case-Laws Companies Law Thu, 21 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=111314