Charitable trust income application permits verified capital expenditure but rejects deferred pre-operative claims and requires reconsideration of con...
Reinsurance premium deductions require established regulatory breaches, while independently acquired software qualifies within the computer depreciati...
Rectification of mistake remains limited to self-evident record errors, preventing merits review through miscellaneous applications and preserving fin...
Tender creditworthiness conditions may extend to de facto Promoter Directors, with post-participation challenges generally barred absent arbitrariness...
Corporate representation in PMLA summons proceedings permitted through an authorised signatory, subject to directors' continuing cooperation and atten...
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The NCLAT dismissed an appeal challenging a Scheme of Arrangement between ICICI Bank Ltd and ICICI Securities Ltd. The Tribunal held that appellants lacked standing to object as they did not meet the shareholding threshold under s.230(4) of Companies Act, 2013. The NCLAT found no conflict between s.230 and Regulation 37 of SEBI Delisting Regulations, ruling that no separate meeting of public shareholders was required as the scheme uniformly affected all equity shareholders. The scheme had received approval from 93.82% of equity shareholders and 71.89% of public shareholders. The appellants' minimal 0.08% shareholding was insufficient to maintain the appeal as "aggrieved persons," with the Tribunal noting that their objections were impeding shareholder democracy.
The NCLAT dismissed an appeal challenging a Scheme of Arrangement between ICICI Bank Ltd and ICICI Securities Ltd. The Tribunal held that appellants lacked standing to object as they did not meet the shareholding threshold under s.230(4) of Companies Act, 2013. The NCLAT found no conflict between s.230 and Regulation 37 of SEBI Delisting Regulations, ruling that no separate meeting of public shareholders was required as the scheme uniformly affected all equity shareholders. The scheme had received approval from 93.82% of equity shareholders and 71.89% of public shareholders. The appellants' minimal 0.08% shareholding was insufficient to maintain the appeal as "aggrieved persons," with the Tribunal noting that their objections were impeding shareholder democracy.
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