https://www.taxtmi.com/caselaws?id=112203 The court sanctioned the scheme of arrangement proposed by the petitioner-company under sections 391 to 393 of the Companies Act, 1956. The scheme involved issuing fully paid non-redeemable debentures from the company's general reserve. Despite objections raised regarding compliance with certain sections of the Companies Act, the court found no legal impediments to the scheme and approved it. The scheme received unanimous approval from shareholders and creditors, leading to the court's decision to sanction it, subject to compliance with section 117C and obtaining necessary approvals. en-us Fri, 06 Jul 2007 00:00:00 +0530 Fri, 27 Apr 2012 10:57:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=112203 The court sanctioned the scheme of arrangement proposed by the petitioner-company under sections 391 to 393 of the Companies Act, 1956. The scheme involved issuing fully paid non-redeemable debentures from the company's general reserve. Despite objections raised regarding compliance with certain sections of the Companies Act, the court found no legal impediments to the scheme and approved it. The scheme received unanimous approval from shareholders and creditors, leading to the court's decision to sanction it, subject to compliance with section 117C and obtaining necessary approvals. Case-Laws Companies Law Fri, 06 Jul 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=112203