Infrastructure Leasing ... vs B.P.L. Limited

The Supreme Court addressed the application filed under Section 391(1) of the Companies Act, 1956, concerning a scheme of arrangement proposed by BPL Limited for restructuring its operations through a joint venture with Sanyo Electric Co. Ltd. The Court held that the valuation of the business undertaking must be transparent and substantiated, emphasizing the necessity for exhaustive disclosures in such arrangements. The Court ultimately allowed the application, permitting the meeting for consideration of the compromise or arrangement, while ensuring compliance with procedural requirements.