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2007 (12) TMI 294 - HIGH COURT OF PUNJAB AND HARYANACompromise and arrangement - Held that:- The scheme of arrangement/reconstruction/reorganisation of the companies is also in order and is for larger public interest as also for the interest of shareholders of the transferor/demerged and transferee-companies who are the members of the same clan. The scheme is in accordance with the family settlement and memorandum of understanding duly executed by the members of the family. The scheme is for better economic growth of the companies and also aims at creating harmony amongst the members of the family, besides providing opportunities to the respective shareholders of the transferee-companies to take independent decision and to exploit their individual potential for the better and effective growth of the companies fallen to their shares. It has also been stated that there are no proceedings or investigations pending against the companies under sections 235 to 251 of the Companies Act 1956. No person has objected to the sanction of the scheme after notice of the petition was published in two newspapers and Official Gazette of Punjab Government. Thus allow this petition and sanction the scheme of agreement/reconstruction/reorganisation.
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