Section 18(3) in The Sick Industrial Companies (Special Provisions) Act, 1985
(3)[(a) The scheme prepared by the operating agency shall be examined by the Board and a copy of the scheme with modification, if any, made by the Board shall be sent, in draft, to the sick industrial company and the operating agency and in the case of amalgamation, also to any other company concerned, and the Board shall publish or cause to be published the draft scheme in brief in such daily newspapers as the Board may consider necessary, for suggestions and objections, if any, within such period as the Board may specify.] [ Substituted by Act 12 of 1994, Section 7, for Clause (a)(w.e.f. 1.2.1994).](b)The Board may make such modifications, if any, in the draft scheme as it may consider necessary in the light of the suggestions and objections received from the sick industrial company and the operating agency and also from the [transferee company] [ Substituted by Act 12 of 1994, Section 7, for " transferee industrial company" (w.e.f. 1.2.1994).] and [any other company] [ Substituted by Act 12 of 1994, Section 7, for " any other industrial company" (w.e.f. 1.2.1994).] concerned in the amalgamation and from any shareholder or any creditors or employees of [such companies] [ Substituted by Act 12 of 1994, Section 7, for " such industrial companies" (w.e.f. 1.2.1994).]:Provided that where the scheme relates to amalgamation [* * *] [ The words " of the sick industrial company" omitted by Act 12 of 1994, Section 7 (w.e.f. 1.2.1994).], the said scheme shall be laid before [the company other than the sick industrial company] [ Substituted by Act 12 of 1994, Section 7, for " transferee industrial company" (w.e.f. 1.2.1994).] in the general meeting for the approval of the scheme by its shareholders and no such scheme shall be proceeded with unless it has been approved, with or without modification, by a special resolution passed by the shareholders of [the company other than the sick industrial company] [Substituted by Act 12 of 1994, Section 7, for " transferee industrial company" (w.e.f. 1.2.1994). ].
