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TMI Blog2009 (8) TMI 700X X X X Extracts X X X X X X X X Extracts X X X X ..... s made hereinabove, on the aspects of the alleged breach or any action as may be initiated in future, the present Scheme of Arrangement in the nature of demerger is sanctioned as per the provisions of Companies Act. X X X X Extracts X X X X X X X X Extracts X X X X ..... rs present and voting at the meeting as well as secured creditors and so far as the unsecured creditors are concerned, the same has been approved unanimously. 3. The present petition came to be admitted on 13-7-2009 and the advertisement was ordered to be published in Times of India, English Daily and Gujarat Samachar, Gujarati daily. Publication in the Official Gazette was dispensed with. The af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ance Sheet as at 31-3-2008 of the demerged company, viz., M/s. Idea Cellular Limited was scrutinized by the Registrar of Companies, Gujarat in normal course, during which violation/non-compliances or section 95(1)(e), section 211 read with Schedule VI, section 217 and section 211(3A) read with Accounting Standard-29 were observed. However, the company had denied the same. The Registrar of Companie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of this Court in the case of Norfolk Infotech (P.) Ltd., In re [2009] 89 SCL 381 , the only observation deserves to be made is the stand of the competent authority on the aspects of alleged breach and the defence of the concerned officer of the company in this regard shall remain open and shall not stand as concluded. Further, the sanction granted by this Court in the present proceedings shal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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