https://www.taxtmi.com/caselaws?id=169854 Scheme of arrangement and reconstruction may be sanctioned under the Companies Act where it is bona fide, complies with statutory procedure and requisite majorities, is not a ruse to dispose of assets, and is fair and reasonable to affected classes; when these conditions are met the winding up may be stayed and assets handed over subject to protective directions. Protective measures include restrictions on alienation, inventory and photographic records, periodic reporting, interim deposits by the promoter, and creation of a claims adjudication process to protect and determine workers' and statutory claims before payment. en-us Fri, 31 Jan 2014 00:00:00 +0530 Mon, 04 May 2015 17:42:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169854 Scheme of arrangement and reconstruction may be sanctioned under the Companies Act where it is bona fide, complies with statutory procedure and requisite majorities, is not a ruse to dispose of assets, and is fair and reasonable to affected classes; when these conditions are met the winding up may be stayed and assets handed over subject to protective directions. Protective measures include restrictions on alienation, inventory and photographic records, periodic reporting, interim deposits by the promoter, and creation of a claims adjudication process to protect and determine workers' and statutory claims before payment. Case-Laws Companies Law Fri, 31 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169854