https://www.taxtmi.com/caselaws?id=113162 Under the Sick Industrial Companies (Special Provisions) Act, 1985, a rehabilitation scheme may expressly provide for capital restructuring, including reduction of equity and dilution of shareholding, and the Board's special powers operate with overriding effect over the Companies Act, 1956 procedures. Consent under section 19 is required only where the scheme seeks financial assistance in the form contemplated by that provision; it does not apply to mere reduction of shareholder equity under a sanctioned restructuring. A defect in publication of the draft scheme was treated as technical and non-fatal where the scheme had been substantially implemented and no useful purpose would be served by unsettling the completed restructuring. en-us Mon, 30 Aug 2010 00:00:00 +0530 Fri, 26 Sep 2014 10:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113162 Under the Sick Industrial Companies (Special Provisions) Act, 1985, a rehabilitation scheme may expressly provide for capital restructuring, including reduction of equity and dilution of shareholding, and the Board's special powers operate with overriding effect over the Companies Act, 1956 procedures. Consent under section 19 is required only where the scheme seeks financial assistance in the form contemplated by that provision; it does not apply to mere reduction of shareholder equity under a sanctioned restructuring. A defect in publication of the draft scheme was treated as technical and non-fatal where the scheme had been substantially implemented and no useful purpose would be served by unsettling the completed restructuring. Case-Laws Companies Law Mon, 30 Aug 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113162