https://www.taxtmi.com/caselaws?id=113818 A rehabilitation scheme containing directions for reduction of share capital, conversion of loans into equity and related securities-law steps could not be implemented against affected authorities without notice and hearing. The court stressed that statutory authorities whose regulatory powers are impacted must be given an opportunity to be heard before positive directions in a sanctioned scheme are acted upon. It also noted that mandatory procedures under the Companies Act and securities law cannot be bypassed without due consideration. The matter was therefore sent back for the BIFR to consider the later communication, give notice to all affected parties and take a fresh decision on implementation of clause 10 of the scheme. en-us Thu, 25 Feb 2010 00:00:00 +0530 Wed, 15 Oct 2014 11:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=113818 A rehabilitation scheme containing directions for reduction of share capital, conversion of loans into equity and related securities-law steps could not be implemented against affected authorities without notice and hearing. The court stressed that statutory authorities whose regulatory powers are impacted must be given an opportunity to be heard before positive directions in a sanctioned scheme are acted upon. It also noted that mandatory procedures under the Companies Act and securities law cannot be bypassed without due consideration. The matter was therefore sent back for the BIFR to consider the later communication, give notice to all affected parties and take a fresh decision on implementation of clause 10 of the scheme. Case-Laws Companies Law Thu, 25 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=113818