https://www.taxtmi.com/caselaws?id=293315 Application for leave under section 153 to convene creditor and shareholder meetings was refused because the proposed scheme lacked adequate disclosure and practicability. The court found asset and liability statements vague, noting diminished cash, doubtful recoverability of a bank claim, minimal paid-up capital and obstacles to attracting deposits; it emphasised that a scheme binding cross-border creditors requires full disclosure of all assets and liabilities to assess fairness between creditors in different Dominions. On that basis the scheme was not shown to be reasonable or implementable and leave to convene meetings was rejected. en-us Wed, 25 Feb 1948 00:00:00 +0530 Thu, 04 Feb 2021 14:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=293315 Application for leave under section 153 to convene creditor and shareholder meetings was refused because the proposed scheme lacked adequate disclosure and practicability. The court found asset and liability statements vague, noting diminished cash, doubtful recoverability of a bank claim, minimal paid-up capital and obstacles to attracting deposits; it emphasised that a scheme binding cross-border creditors requires full disclosure of all assets and liabilities to assess fairness between creditors in different Dominions. On that basis the scheme was not shown to be reasonable or implementable and leave to convene meetings was rejected. Case-Laws Companies Law Wed, 25 Feb 1948 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=293315