https://www.taxtmi.com/caselaws?id=214306 The court dismissed the petition seeking sanction for a scheme of arrangement under sections 391 to 394 of the Companies Act, 1956, as the scheme was not proposed by eligible parties and did not comply with legal requirements. The court emphasized the need for schemes to genuinely benefit the company and its members, rather than serving the interests of specific creditors. The petitioners were allowed to seek a refund of the amount deposited with the Official Liquidator. en-us Wed, 21 Mar 2012 00:00:00 +0530 Wed, 13 Feb 2013 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214306 The court dismissed the petition seeking sanction for a scheme of arrangement under sections 391 to 394 of the Companies Act, 1956, as the scheme was not proposed by eligible parties and did not comply with legal requirements. The court emphasized the need for schemes to genuinely benefit the company and its members, rather than serving the interests of specific creditors. The petitioners were allowed to seek a refund of the amount deposited with the Official Liquidator. Case-Laws Companies Law Wed, 21 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214306