TaxTMI Login
AI Drafter - (New and Powerful) ✕
Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
Just a moment...
AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
Press 'Enter' to add multiple search terms. Rules for Better Search
Use comma for multiple locations.
---------------- For section wise search only -----------------
Accuracy Level ~ 90%
of 
Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
of Press 'Enter' after typing page number.
of Press 'Enter' after typing page number.
All Case Laws
Note
Bookmark
Share
Don't have an account? Register Here
of Press 'Enter' after typing page number.
Issues: (i) whether the Scheme of Arrangement deserved sanction; (ii) whether the Scheme could be directed to operate from the Appointed Date stated in the Scheme.
Issue (i): whether the Scheme of Arrangement deserved sanction.
Analysis: The petition was supported by the necessary corporate approvals and the Regional Director's concerns were met through replies and undertakings. The Tribunal found that the Scheme was fair and reasonable, complied with the legal requirements, and was not contrary to law or public policy.
Conclusion: The Scheme was sanctioned in favour of the petitioner companies.
Issue (ii): whether the Scheme could be directed to operate from the Appointed Date stated in the Scheme.
Analysis: In view of the Regional Director's objection, the Tribunal applied the statutory requirement governing the appointed date and held that the Scheme should take effect from the appointed date specified in it. The objection was met by making the relevant statutory provision applicable to the Scheme.
Conclusion: The Scheme was held to be effective from 1 April 2019, the Appointed Date fixed in the Scheme.
Final Conclusion: The arrangement was approved with acceptance of the petitioners' clarifications and undertakings, and the Scheme was given legal effect from the Appointed Date stated in it.
Ratio Decidendi: A scheme of arrangement may be sanctioned when the statutory requirements are satisfied and the Tribunal is satisfied that it is fair, reasonable, and not contrary to law or public policy, and the Scheme may be made effective from its appointed date in accordance with the governing provision.
TaxTMI 
