https://www.taxtmi.com/article/detailed?id=1842 The company court's supervisory power in sanctioning a scheme is limited to ensuring statutory procedures were followed, requisite meetings convened, and majority approval obtained with adequate material enabling informed decisions; the court must be satisfied that disclosures to both voters and the court were adequate, that affected classes acted bona fide and without coercion, and that the scheme is not contrary to law or public policy. The court may probe the scheme's true purpose, including piercing the corporate veil if necessary, and must assess whether the scheme is just, fair and reasonable without substituting its own commercial judgment for the informed majority of the class. en-us Mon, 06 Aug 2012 06:40:09 +0530 Mon, 06 Aug 2012 06:40:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=1842 The company court's supervisory power in sanctioning a scheme is limited to ensuring statutory procedures were followed, requisite meetings convened, and majority approval obtained with adequate material enabling informed decisions; the court must be satisfied that disclosures to both voters and the court were adequate, that affected classes acted bona fide and without coercion, and that the scheme is not contrary to law or public policy. The court may probe the scheme's true purpose, including piercing the corporate veil if necessary, and must assess whether the scheme is just, fair and reasonable without substituting its own commercial judgment for the informed majority of the class. Articles Corporate Laws / IBC / SEBI Mon, 06 Aug 2012 06:40:09 +0530 https://www.taxtmi.com/article/detailed?id=1842