https://www.taxtmi.com/caselaws?id=114046 The court sanctioned the Scheme of Arrangement under sections 391(1) and (2) of the Companies Act, 1956, despite alleged breaches of sections 295 and 297 by the petitioner company. The court found no objection to the scheme based on shareholder approval and absence of adverse impact on creditors. The Board of Directors' resolution was deemed valid, even with alleged breaches, as it was passed unanimously. The court emphasized that the alleged breaches did not directly affect the scheme's sanction, allowing it to proceed independently. The scheme was declared binding, subject to conditions, and the petitioner was directed to pay costs to the Central Government. en-us Wed, 04 Mar 2009 00:00:00 +0530 Sat, 15 Nov 2014 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114046 The court sanctioned the Scheme of Arrangement under sections 391(1) and (2) of the Companies Act, 1956, despite alleged breaches of sections 295 and 297 by the petitioner company. The court found no objection to the scheme based on shareholder approval and absence of adverse impact on creditors. The Board of Directors' resolution was deemed valid, even with alleged breaches, as it was passed unanimously. The court emphasized that the alleged breaches did not directly affect the scheme's sanction, allowing it to proceed independently. The scheme was declared binding, subject to conditions, and the petitioner was directed to pay costs to the Central Government. Case-Laws Companies Law Wed, 04 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114046