Demerger Scheme Rejected for Non-Compliance with Section 230(1) of Companies Act; Tribunal to Reconsider Case.

Sanction of scheme of demerger - The mandate of law engrafted u/s 230(1) of the Act requiring the Tribunal to order calling of meeting of the creditors/ members of the concerned companies not being complied with and the mandatory provisions being observed in breach, the impugned order cannot be supported - The Tribunal, at the very threshold stage, was not required to venture into the merits - remanded to tribunal .....

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