https://www.taxtmi.com/caselaws?id=114072 During BIFR proceedings, any change in control or management of a sick company had to conform to the statutory rehabilitation process and obtain prior Board approval. An arrangement made outside that process was inconsistent with the Sick Industrial Companies (Special Provisions) Act, 1985, especially where it generated disputes and parallel proceedings. The Court held that such an unapproved management change could not be recognised in the BIFR proceedings, and the Board was justified in declining to accept it. The writ petition therefore failed, with no interference required in the orders rejecting recognition of the management change. en-us Tue, 11 Mar 2008 00:00:00 +0530 Thu, 11 Dec 2014 09:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=114072 During BIFR proceedings, any change in control or management of a sick company had to conform to the statutory rehabilitation process and obtain prior Board approval. An arrangement made outside that process was inconsistent with the Sick Industrial Companies (Special Provisions) Act, 1985, especially where it generated disputes and parallel proceedings. The Court held that such an unapproved management change could not be recognised in the BIFR proceedings, and the Board was justified in declining to accept it. The writ petition therefore failed, with no interference required in the orders rejecting recognition of the management change. Case-Laws Companies Law Tue, 11 Mar 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=114072