https://www.taxtmi.com/caselaws?id=273654 The Court held that debenture holders, including Unit Trust of India, did not constitute a separate class from other secured creditors. It was determined that UTI, despite holding a significant portion of debentures, did not have distinct rights warranting separate treatment. The Court also confirmed that the scheme garnered the necessary support from creditors and members, with proper disclosure and legality in including working capital providers. The objections regarding share exchange ratio, financial disclosures, director appointments, and land transfer were all dismissed, ultimately leading to the sanctioning of the arrangement with a modification for additional payment to UTI. en-us Tue, 26 Aug 2003 00:00:00 +0530 Sat, 07 Jul 2018 17:01:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=273654 The Court held that debenture holders, including Unit Trust of India, did not constitute a separate class from other secured creditors. It was determined that UTI, despite holding a significant portion of debentures, did not have distinct rights warranting separate treatment. The Court also confirmed that the scheme garnered the necessary support from creditors and members, with proper disclosure and legality in including working capital providers. The objections regarding share exchange ratio, financial disclosures, director appointments, and land transfer were all dismissed, ultimately leading to the sanctioning of the arrangement with a modification for additional payment to UTI. Case-Laws Companies Law Tue, 26 Aug 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=273654