Patherya, J. - (1.) THIS is an application for sanctioning a scheme of arrangement between Tata Tea Ltd. ("transferor company") and Amalgamated Plantation P. Ltd. ("transferee company") and their respective shareholders. Petitioners' case:
(2.) THE case of the applicants is that pursuant to advertisements the meeting of the shareholders was held. At the said meeting the scheme was approved by the requisite majority without any modification. The said will appear from the chairperson's report of the transferor and transferee companies. Twenty -seven advertisements were published and from the explanatory statement it will appear that documents were open for inspection including the quarterly financial results as on June 30, 2006, September 30, 2006 and December 31, 2006, of the transferor company.
(3.) AS the shareholders have approved the scheme of amalgamation without any modification and as held in A.W. Figgis and Co. P. Ltd. In re , the shareholders are the best judge of the fairness and reasonableness of a scheme, the scheme ought to be sanctioned.;