https://www.taxtmi.com/caselaws?id=195005 A composite scheme of arrangement involving demerger and consequential restructuring of share capital was treated as a single integrated proposal. Because the reduction of capital was incidental to the scheme and did not involve diminution of liability on unpaid share capital or payment out of paid-up capital, the court treated approval by the equity shareholders at the convened meeting as the special resolution required for the capital reduction aspect. It also dispensed with the procedural requirements under Section 101(2) of the Companies Act, 1956 and the related meeting rules, while directing separate meetings of equity shareholders, secured creditors and unsecured creditors for consideration of the scheme. en-us Wed, 23 Mar 2016 00:00:00 +0530 Wed, 11 Oct 2017 06:08:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195005 A composite scheme of arrangement involving demerger and consequential restructuring of share capital was treated as a single integrated proposal. Because the reduction of capital was incidental to the scheme and did not involve diminution of liability on unpaid share capital or payment out of paid-up capital, the court treated approval by the equity shareholders at the convened meeting as the special resolution required for the capital reduction aspect. It also dispensed with the procedural requirements under Section 101(2) of the Companies Act, 1956 and the related meeting rules, while directing separate meetings of equity shareholders, secured creditors and unsecured creditors for consideration of the scheme. Case-Laws Companies Law Wed, 23 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195005