https://www.taxtmi.com/caselaws?id=126928 Under the Companies Act, 1956, the Court may regulate and relax procedural formalities for convening shareholder meetings in a scheme of arrangement or demerger, but it cannot dispense with the statutory requirement of holding a meeting altogether. A prior unappealed order dispensing with meetings was not treated as a nullity or reopened at the sanction stage. Objections based on family settlement, corporate veil and omission to refer to the settlement in the scheme were also rejected, as no sufficient basis was shown to invalidate the scheme. The scheme was therefore sanctioned and the demerger allowed to proceed subject to earlier directions and conditions. en-us Mon, 17 Jan 2011 00:00:00 +0530 Wed, 17 Sep 2014 14:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126928 Under the Companies Act, 1956, the Court may regulate and relax procedural formalities for convening shareholder meetings in a scheme of arrangement or demerger, but it cannot dispense with the statutory requirement of holding a meeting altogether. A prior unappealed order dispensing with meetings was not treated as a nullity or reopened at the sanction stage. Objections based on family settlement, corporate veil and omission to refer to the settlement in the scheme were also rejected, as no sufficient basis was shown to invalidate the scheme. The scheme was therefore sanctioned and the demerger allowed to proceed subject to earlier directions and conditions. Case-Laws Companies Law Mon, 17 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126928