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2011 (4) TMI 1210 - HC - Companies LawWhether the statutory requirements necessary for the sanction of the scheme have been completed, the wishes of the shareholders/creditors have been ascertained and the scheme has been approved by them by majority in duly convened meetings? Held that:- The petitioners have brought on record the latest financial position of both companies, the latest auditor's report regarding the accounts of both companies and have stated that there is no investigation pending against the companies. There is nothing on record which would suggest that the scheme sought to be sanctioned is otherwise in any way unfair or unreasonable which may amount to defraud either the State exchequer or the members/creditors. The objections are meritless and stand rejected. Thus the scheme of arrangement (annexure 1) to the petition deserves to be sanctioned and is hereby sanctioned.
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