TMI BlogOmittedX X X X Extracts X X X X X X X X Extracts X X X X ..... ion 261 shall be placed before the creditors of the sick company in a meeting convened for their approval by the company administrator within the period of sixty days from his appointment, which may be extended by the Tribunal up to a period not exceeding one hundred twenty days. (2) The company administrator shall convene separate meetings of secured and unsecured creditors of the sick ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roved, with or without modification, by a special resolution passed by the shareholders of that company. (3) (i) The scheme prepared by the company administrator shall be examined by the Tribunal and a copy of the scheme with modification, if any, made by the Tribunal shall be sent, in draft, to the sick company and the company administrator and in the case of amalgamation, also to any o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... employees of such companies. (4) On the receipt of the scheme under sub-section (3), the Tribunal shall within sixty days therefrom, after satisfying that the scheme had been validly approved in accordance with this section, pass an order sanctioning such scheme. (5) Where a sanctioned scheme provides for the transfer of any property or liability of the sick company to any othe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Tribunal under sub-section (4) shall be conclusive evidence that all the requirements of the scheme relating to the reconstruction or amalgamation or any other measure specified therein have been complied with and a copy of the sanctioned scheme certified in writing by an officer of the Tribunal to be a true copy thereof shall in all legal proceedings be admitted as evidence. (8) A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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