*(2008) 3 Comp LJ 345 (AP): [2007] 80 SCL 496 (AP)*
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*Magnaquest Solutions (P) Ltd.*
while exercising powers under section 391(2), company court should examine whether proposed scheme of arrangement is violative of any provision of law and is not contrary to public policy, and for ascertaining real purpose underlying the scheme, the court if necessary can pierce veil of apparent corporate purpose underlying scheme and can judiciously x-ray same.
It should not be unfair / unconscionable or contrary to public policy.
Latest auditors report connotes the latest auditors report available or which should normally be available at the time of filing of the petition. --thats the one that should be filed.
*
*
*Magnaquest Solutions (P) Ltd.*
while exercising powers under section 391(2), company court should examine whether proposed scheme of arrangement is violative of any provision of law and is not contrary to public policy, and for ascertaining real purpose underlying the scheme, the court if necessary can pierce veil of apparent corporate purpose underlying scheme and can judiciously x-ray same.
It should not be unfair / unconscionable or contrary to public policy.
Latest auditors report connotes the latest auditors report available or which should normally be available at the time of filing of the petition. --thats the one that should be filed.
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