Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
Transfer pricing and tax deductions upheld on established principles, while employee contributions and warranty provisions returned for fresh examinat...
Captive transfer pricing relies on industrial consumer tariffs, while genuine quotations can benchmark effluent treatment transfers under the Other Me...
Specific tariff classification for ophthalmic instruments and extended limitation principles determine the treatment of duty demands, confiscation, an...
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The NCLAT held that the NCLT erred in unilaterally changing the appointed date from 1.4.2019 to 1.4.2020 while admitting the scheme of arrangement. The application was filed on 1.12.2019, and as per the circular, the appointed date within a year of filing did not require any justification. Even if the appointed date was ante-dated beyond a year, mere justification that it was not against public interest was sufficient. Despite the Covid-19 pandemic delay, the appointed date should have remained 1.4.2019. The NCLT's role is supervisory, and if statutory compliance and no violation of law or public policy is found, it cannot sit in appeal over the commercial wisdom of the parties approving the scheme. Altering the appointed date would have serious financial implications. The NCLAT allowed the appeal, restoring the appointed date as 1.4.2019.
The NCLAT held that the NCLT erred in unilaterally changing the appointed date from 1.4.2019 to 1.4.2020 while admitting the scheme of arrangement. The application was filed on 1.12.2019, and as per the circular, the appointed date within a year of filing did not require any justification. Even if the appointed date was ante-dated beyond a year, mere justification that it was not against public interest was sufficient. Despite the Covid-19 pandemic delay, the appointed date should have remained 1.4.2019. The NCLT's role is supervisory, and if statutory compliance and no violation of law or public policy is found, it cannot sit in appeal over the commercial wisdom of the parties approving the scheme. Altering the appointed date would have serious financial implications. The NCLAT allowed the appeal, restoring the appointed date as 1.4.2019.
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