1982 (7) TMI 242

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...., 1982, and copy thereof to be given to the other side before that date. Affidavit in rejoinder to be filed and a copy thereof to be given to the other side on or before August 6, 1982. The applicant prays for ad interim relief restraining the petitioner-company and the opponents from holding a requisitioned meeting of the company today. Pursuant to a requisition received from some of the shareholders for calling an extraordinary general meeting of the company, a notice dated June 11, 1982, has been sent by the company to its shareholders including the applicant for holding an extraordinary general meeting today. The meeting which is proposed to be called is for the purpose of passing the following resolution : "Resolved that the comp....

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....to compel the company to withdraw from the scheme ? Under section 391 there are specific provisions for the manner of ascertaining the wishes of the creditors and the members of the company whenever a scheme of compromise or arrangement is proposed under the provisions of section 391. If a majority in number representing three-fourths in value of the creditors or members whose meeting is called, vote for the scheme, it comes up for sanction before the court. In the present case the scheme has been approved as prescribed under section 391 by the members and creditors of the company and it has come up for sanction. Can the shareholders now compel the company to resile from the scheme ? The scheme proposed under section 391 should be for th....