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The High Court of Kerala sanctioned a scheme of arrangement and compromise under section 391 of the Companies Act, 1956. The company proposed converting preferential shareholders' stake into a loan due to them. The proposal was approved unanimously by preferential shareholders, equity shareholders, and secured creditors. The court ruled that the scheme should be sanctioned as it was consented to by all relevant parties, including preferential shareholders. The company was ordered to make payments to preferential shareholders promptly.
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