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TMI Blog2020 (10) TMI 16X X X X Extracts X X X X X X X X Extracts X X X X ..... er companies to the proposed Scheme, and the affidavits filed by the Regional Director, Northern Region, Ministry of Corporate Affairs and the report of official liquidator, there appears to be no impediment in sanctioning the present Scheme - sanction is hereby granted to the Scheme under Section 230 to 232 of the Companies Act, 2013. - Company Petition No. (CAA)-153(ND)/2019 and Company Application No. CA(CAA)-159/(ND)/2019 - - - Dated:- 8-6-2020 - P.S.N. Prasad, Member (J) And Sumita Purkayastha, Member (T) For the Appellant : Abhishek Nahta, CA, Sameer Gupta, Tania Sharma For the Respondent : Deepak Anand and Vipul Agrawal, Advocates ORDER P.S.N. Prasad, Member (J) 1. The Transferor Company , Dytek India Limit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 20/12/2019 affirming compliance of the order passed by the Tribunal dated 22.11.2019. A perusal of the affidavit discloses that the petitioners have affected the newspaper publication as directed in newspapers 'Business Standard'(English, Delhi edition) on 30/11/2019 and 'Business Standard' (Hindi, Delhi edition)on 30/11/2019 in relation to the date of hearing of the petition. Further, the copies of petition have been duly served to the Central Government through Regional Director (Northern Region), Ministry of Corporate Affairs, the Income tax authorities, Registrar of Companies, NCT of Delhi and Haryana and Official Liquidator (Delhi)compliance of the order and in proof of service has also been placed on record. 5. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th the Accounting Standard notified by the Central Government as specified under the provisions of Section 133 of the Companies Act, 2013. 10. The shareholders of the applicant companies are the best Judges of their interest, fully conversant with market trends, and therefore, their decision should not be interfered with by Tribunal for the reason that it is not a part of judicial function to examine entrepreneurial activities and their commercial decisions. It is well settled that the Tribunal evaluating the Scheme of which sanction is sought under Section 230-232 of the Companies Act of 2013 will not ordinarily interfere with the corporate decisions of companies approved by shareholders and creditors. 11. In the case of Hindustan Le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ove, if there is any deficiency found or, violation committed qua any enactment, statutory rule or regulation, the sanction granted by this court to the scheme will not come in the way of action being taken, albeit, in accordance with law, against the concerned persons, directors and officials of the petitioners. 18. While approving the Scheme as above, we further clarify that this order should not be construed as an order in any way granting exemption from payment of stamp duty, taxes or any other charges, if any, and payment in accordance with law or in respect to any permission/compliance with any other requirement which may be specifically required under any law. 19. THIS TRIBUNAL DO FURTHER ORDER 1. That the Transferor Compan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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