https://www.taxtmi.com/caselaws?id=113440 The court rejected the application for sanction of a Scheme of Arrangement by demerger as it was deemed unfair, primarily benefiting the promoters and not the shareholders. Procedural lapses and non-compliance with statutory provisions further led to the scheme being deemed unsanctionable. The court found that the conversion of bonds and preference shares into equity shares would not benefit shareholders and that the scheme did not adhere to SEBI guidelines and Companies Act provisions. en-us Thu, 20 May 2010 00:00:00 +0530 Tue, 07 Oct 2014 10:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113440 The court rejected the application for sanction of a Scheme of Arrangement by demerger as it was deemed unfair, primarily benefiting the promoters and not the shareholders. Procedural lapses and non-compliance with statutory provisions further led to the scheme being deemed unsanctionable. The court found that the conversion of bonds and preference shares into equity shares would not benefit shareholders and that the scheme did not adhere to SEBI guidelines and Companies Act provisions. Case-Laws Companies Law Thu, 20 May 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113440