Section 5(1)

32[5. 33[(1) The draft scheme prepared under section 4 shall be submitted by the officer
appointed by the Board or the officer appointed by the Company to the Board or, as
the case may be, to the Company, and the Board or, as the case may be, the Company
shall either approve the scheme with or without modifications or reject it and where
the Board approves the scheme it shall appoint an Inquiry Officer.]]