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2010 (5) TMI 384 - HIGH COURT OF RAJASTHANReorganization of share capital - seeking sanction of Scheme of Arrangement providing for conversion of 65 lakh preference shares (out of 130 lakh shares, each of ₹ 10) into equity shares Held that:- In the instant case, while meetings of preference shareholders had taken place, all of them including equity shareholders have consented for approval of scheme of Arrangement proposed - resolution in that regard was also unanimously passed. Preference shareholders if at all adversely affected have not raised any objection to the Scheme of Arrangement impugned; in such circumstances, in the opinion of this Court, the Scheme of Arrangement proposed by petitioner-company is not in any manner prejudicial to the interest of shareholders but it stands consented by them; therefore, there is no reason to withhold the sanction as sought for the Scheme of Arrangement as prayed for in instant petition filed under section 391 of the Act. Company petition stands allowed
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