https://www.taxtmi.com/caselaws?id=460080 A compromise scheme for arrangement and settlement under the Companies Act, 1956 may be sanctioned where statutory procedure is followed, the requisite majority of creditors and shareholders approves it, and the scheme is fair, just, and not contrary to law or public policy. The Kerala HC noted that due notice and publication were given, relevant material was disclosed for an informed decision, and objections alleging fraud, manipulation of accounts, and lack of bona fides were not established. It also reiterated that the Court need not act as a super-auditor or replace stakeholder commercial judgment, and it allowed limited modifications, including a Core Committee and an independent chairman, to ensure effective implementation and creditor protection. en-us Sat, 21 Dec 2013 00:00:00 +0530 Fri, 10 Jan 2025 14:55:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460080 A compromise scheme for arrangement and settlement under the Companies Act, 1956 may be sanctioned where statutory procedure is followed, the requisite majority of creditors and shareholders approves it, and the scheme is fair, just, and not contrary to law or public policy. The Kerala HC noted that due notice and publication were given, relevant material was disclosed for an informed decision, and objections alleging fraud, manipulation of accounts, and lack of bona fides were not established. It also reiterated that the Court need not act as a super-auditor or replace stakeholder commercial judgment, and it allowed limited modifications, including a Core Committee and an independent chairman, to ensure effective implementation and creditor protection. Case-Laws Companies Law Sat, 21 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460080