https://www.taxtmi.com/caselaws?id=195310 Where all equity shareholders, secured creditors and unsecured creditors furnish clear consents to a proposed de-merger scheme, the class meetings may be dispensed with because approval by meeting is unnecessary. Where the contemplated reduction of share capital is merely consequential to the scheme, does not involve diminution of unpaid share capital liability, and does not prejudice shareholders or creditors, the separate statutory reduction procedure under the Companies Act, 1956 and the Companies (Court) Rules, 1959 is also unnecessary. On that basis, the court allowed the scheme to proceed without convening class meetings or undertaking the separate capital reduction process. en-us Mon, 28 Sep 2015 00:00:00 +0530 Thu, 26 Oct 2017 08:33:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195310 Where all equity shareholders, secured creditors and unsecured creditors furnish clear consents to a proposed de-merger scheme, the class meetings may be dispensed with because approval by meeting is unnecessary. Where the contemplated reduction of share capital is merely consequential to the scheme, does not involve diminution of unpaid share capital liability, and does not prejudice shareholders or creditors, the separate statutory reduction procedure under the Companies Act, 1956 and the Companies (Court) Rules, 1959 is also unnecessary. On that basis, the court allowed the scheme to proceed without convening class meetings or undertaking the separate capital reduction process. Case-Laws Companies Law Mon, 28 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195310