https://www.taxtmi.com/caselaws?id=363563 The court dismissed the application seeking approval of a Scheme of Compromise and Arrangement under Section 391 of the Companies Act, 1956. The scheme lacked bona fide and good faith, failed to properly classify creditors, and raised concerns about the ex-directors' past conduct. It was deemed unworkable, unjust, and unreasonable, resulting in its rejection. Additionally, the Serious Fraud Investigation Office (SFIO) was directed to promptly investigate the company's accounts. en-us Wed, 11 Jul 2018 00:00:00 +0530 Sat, 14 Jul 2018 07:49:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=363563 The court dismissed the application seeking approval of a Scheme of Compromise and Arrangement under Section 391 of the Companies Act, 1956. The scheme lacked bona fide and good faith, failed to properly classify creditors, and raised concerns about the ex-directors' past conduct. It was deemed unworkable, unjust, and unreasonable, resulting in its rejection. Additionally, the Serious Fraud Investigation Office (SFIO) was directed to promptly investigate the company's accounts. Case-Laws Companies Law Wed, 11 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=363563