https://www.taxtmi.com/caselaws?id=309536 In sanction proceedings for a compromise or arrangement, the Company Court exercises supervisory jurisdiction and examines whether the statutory procedure is followed, the requisite majority approves the scheme, material facts are disclosed, and the proposal is fair, reasonable, and not contrary to law or public policy. The text also notes that voting rights under a pledge arrangement may bind the pledgors where the pledge deed expressly authorises the pledgee to attend and vote at meetings, and that restructuring of debt and share capital can be permissible under the Companies Act where supported by the required special resolution and court confirmation. The emphasis remains on legality, disclosure, and commercial fairness rather than appellate re-evaluation of business wisdom. en-us Tue, 27 Apr 2010 00:00:00 +0530 Fri, 08 Sep 2023 12:10:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309536 In sanction proceedings for a compromise or arrangement, the Company Court exercises supervisory jurisdiction and examines whether the statutory procedure is followed, the requisite majority approves the scheme, material facts are disclosed, and the proposal is fair, reasonable, and not contrary to law or public policy. The text also notes that voting rights under a pledge arrangement may bind the pledgors where the pledge deed expressly authorises the pledgee to attend and vote at meetings, and that restructuring of debt and share capital can be permissible under the Companies Act where supported by the required special resolution and court confirmation. The emphasis remains on legality, disclosure, and commercial fairness rather than appellate re-evaluation of business wisdom. Case-Laws Companies Law Tue, 27 Apr 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309536