Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Companies Law - Highlights / Catch Notes

Home Highlights November 2024 Year 2024 This

The Appellate Tribunal allowed the appeal and set aside the ...


Tribunal overrules NCLT order on employee transfer under Scheme, upholds proper implementation in 2011 with union consent.

Case Laws     Companies Law

November 8, 2024

The Appellate Tribunal allowed the appeal and set aside the NCLT's impugned order, which had erroneously directed the Board to take over employees from the ATM and Cash Management Division of Respondent No.2 under the garb of interpreting the Scheme of Arrangement. The Scheme was fully implemented in 2011 with the knowledge of Respondent No.1 union, and multiple wage settlements were entered into without objections. Respondent No.1's application seeking modification of the Scheme's express terms was impermissible and barred by limitation. Only the ATM and Cash Management businesses were transferred, not all employees of the Transferor Company. Interpreting the Scheme to mean all employees stood transferred to the Appellant on the Effective Date was impractical and inconceivable.

View Source

 


 

You may also like:

  1. Sanction of composite scheme of amalgamation - The appellants contested the order, arguing that it failed to consider certain clauses of the scheme, particularly...

  2. The Appellate Tribunal addressed various Transfer Pricing (TP) issues. Regarding software services, the Tribunal upheld the selection of comparables by the assessee over...

  3. Conversion of shipping bills - conversion from Draw Back Scheme to Advance License Scheme - The Tribunal examined the provisions of Circular No. 36/2010 and concluded...

  4. The assessee, a company engaged in development/construction and sale of flats and plots, had classified its properties into four categories: flats open for sale, let-out...

  5. Money Transfer Service Scheme - List of Sub Agents - Circular

  6. Money Transfer Service Scheme. - Circular

  7. The ITAT Ahmedabad addressed Transfer Pricing (TP) adjustments, focusing on royalty, management fees, and IT allocation costs. The tribunal upheld the use of the...

  8. Scheme of Demerger - application for recalling - transfer of NLD/ILD licences - change in the eligibility criteria brought about after the sanction of the Scheme -...

  9. Legality of revision of order of Tribunal u/s 254 on ground of retrospective overruling - Judicial decision acts retrospectively. Judges do not make law they only...

  10. Capital gain computation - lease rental expenses are related to the transfer of slump sale business while computing the capital gain u/s 48(1) or not? - The Tribunal...

  11. The Tribunal addressed various issues related to transfer pricing adjustments, including the selection of comparables, interest on trade receivables, and set-off of...

  12. Oppression and mismanagement - reduction in shareholding - illegal transfer and allotment of shares - The NCLAT observed that, the appellants did not fully comply with...

  13. The case pertains to the transfer of assessment proceedings u/s 127 from Coimbatore to the Central Circle in Kolkata. The respondents seized incriminating materials...

  14. Exemption form GST on the business transfer undertaken - transfer of a going concern - transfer of a going concern means transfer of a running business which is capable...

  15. Rejection of branch transfer / Stock transfer of Goods - The tribunal found that the tax authority inappropriately applied a general conclusion from a small subset of...

 

Quick Updates:Latest Updates