https://www.taxtmi.com/caselaws?id=258425 Employee and unsecured creditor objections to sanction of a scheme of arrangement were rejected because the scheme preserved continuity of service, existing employment terms, remuneration and benefits, and included an undertaking against reducing base wage contrary to the scheme or law. The creditor's claimed dues had already been satisfied, while the remaining damages claim was disputed and unadjudicated; the scheme also preserved pending or future claims against the transferee company, so consent was not a condition precedent. As the scheme had requisite shareholder approval and complied with the procedural requirements under the Companies Act, 1956, it was sanctioned and the transferor company was directed to dissolve without winding up. en-us Mon, 09 Mar 2015 00:00:00 +0530 Thu, 09 Apr 2015 05:57:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258425 Employee and unsecured creditor objections to sanction of a scheme of arrangement were rejected because the scheme preserved continuity of service, existing employment terms, remuneration and benefits, and included an undertaking against reducing base wage contrary to the scheme or law. The creditor's claimed dues had already been satisfied, while the remaining damages claim was disputed and unadjudicated; the scheme also preserved pending or future claims against the transferee company, so consent was not a condition precedent. As the scheme had requisite shareholder approval and complied with the procedural requirements under the Companies Act, 1956, it was sanctioned and the transferor company was directed to dissolve without winding up. Case-Laws Law of Competition Mon, 09 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258425