https://www.taxtmi.com/caselaws?id=286536 A composite scheme of compromise and arrangement under the Companies Act, 1956 could not be pursued while a BIFR reference was pending, because the special sick-company regime prevailed at the date of filing and later discharge did not cure the defect. Sanction also depended on full disclosure of all material facts to shareholders, lenders and the Court; non-disclosure of significant SEBI and SAT proceedings, together with a scheme that had become commercially stale, justified refusal of approval. Objections based on separate compliance with Sections 100 and 101 were rejected, as a Section 391 scheme could include consequential capital restructuring within the same process. The Court therefore refused sanction. en-us Wed, 15 Jul 2015 00:00:00 +0530 Tue, 03 Mar 2020 10:22:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286536 A composite scheme of compromise and arrangement under the Companies Act, 1956 could not be pursued while a BIFR reference was pending, because the special sick-company regime prevailed at the date of filing and later discharge did not cure the defect. Sanction also depended on full disclosure of all material facts to shareholders, lenders and the Court; non-disclosure of significant SEBI and SAT proceedings, together with a scheme that had become commercially stale, justified refusal of approval. Objections based on separate compliance with Sections 100 and 101 were rejected, as a Section 391 scheme could include consequential capital restructuring within the same process. The Court therefore refused sanction. Case-Laws Companies Law Wed, 15 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286536