"Fairness, reasonableness and made in Good Faith are the premises on which the Judicial Authority approves any scheme for amalgamation, merger or demerger." Offer your comments supported by any judicial pronouncements.

Any scheme which is fair, reasonable and made in good faith will be sanctioned if it could reasonably be supported by sensible people to be for the benefit to each class of the members or creditors concerned. In Sussex Brick Co. Ltd., Re, (1960) 1 All ER 772: (1960) 30 Com Cases 536 (CH D) it was held, inter alia, that although it might be possible to find faults in a scheme that would not be sufficient ground to reject it. It was further held that in order to merit rejection, a scheme must be obviously unfair, patently unfair, unfair to the meanest intelligence. It cannot be said that no scheme can be effective to bind a dissenting shareholder unless it complies with the basic requirements to the extent of 100 per cent. It is the consistent view of the Courts that no scheme can be said to be fool-proof and it is the possible to find fault in a particular scheme but that by itself is not enough to warrant a dismissal.