https://www.taxtmi.com/caselaws?id=335664 A composite scheme of arrangement, including reduction of the securities premium account, was sanctioned where the statutory procedure under the Companies Act, 1956 had been complied with, shareholder and creditor consents were obtained or dispensed with, notices were properly served, and the regulatory objections did not displace the record. The Court held the scheme to be genuine, bona fide, and in the interests of shareholders and creditors. A typographical error in clause A(h) was corrected by substituting the incorporation date, and the remaining objections on permissions, contingent liabilities, exchange-ratio workings, and tax compliance were treated as answered or not surviving. en-us Fri, 02 Dec 2016 00:00:00 +0530 Wed, 07 Dec 2016 10:58:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335664 A composite scheme of arrangement, including reduction of the securities premium account, was sanctioned where the statutory procedure under the Companies Act, 1956 had been complied with, shareholder and creditor consents were obtained or dispensed with, notices were properly served, and the regulatory objections did not displace the record. The Court held the scheme to be genuine, bona fide, and in the interests of shareholders and creditors. A typographical error in clause A(h) was corrected by substituting the incorporation date, and the remaining objections on permissions, contingent liabilities, exchange-ratio workings, and tax compliance were treated as answered or not surviving. Case-Laws Companies Law Fri, 02 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335664