https://www.taxtmi.com/caselaws?id=392956 Full disclosure of material facts is required before a scheme of arrangement can be sanctioned. SEBI and SAT proceedings connected with an investor's dealings with the applicant and group companies were material and had not been disclosed to stakeholders or the Court, justifying refusal of sanction. Stakeholder approvals obtained in 2008 could not support implementation in 2015 because the substantial delay made the scheme stale and undermined its commercial viability. Although the BIFR reference was later deregistered, that development did not warrant interference in the overall circumstances. A fresh or modified scheme could be pursued with a renewed stakeholder mandate. en-us Thu, 20 Feb 2020 00:00:00 +0530 Tue, 03 Mar 2020 11:30:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=392956 Full disclosure of material facts is required before a scheme of arrangement can be sanctioned. SEBI and SAT proceedings connected with an investor's dealings with the applicant and group companies were material and had not been disclosed to stakeholders or the Court, justifying refusal of sanction. Stakeholder approvals obtained in 2008 could not support implementation in 2015 because the substantial delay made the scheme stale and undermined its commercial viability. Although the BIFR reference was later deregistered, that development did not warrant interference in the overall circumstances. A fresh or modified scheme could be pursued with a renewed stakeholder mandate. Case-Laws Companies Law Thu, 20 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=392956