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NCLAT adjudicated an appeal challenging the modification of the 'Appointed Date' in an amalgamation scheme. The tribunal found that the lower NCLT improperly altered the appointed date without providing reasons or opportunity for the appellant to respond, thereby violating principles of natural justice. The NCLAT held that the appointed date shall remain as originally specified in the scheme's clauses, rejecting the NCLT's unilateral modification. The tribunal emphasized that changing the appointed date arbitrarily could significantly impact financial calculations and legal implications. Consequently, the appeal was allowed, and the impugned order was modified to reinstate the original appointed date as per the scheme's provisions.
NCLAT adjudicated an appeal challenging the modification of the 'Appointed Date' in an amalgamation scheme. The tribunal found that the lower NCLT improperly altered the appointed date without providing reasons or opportunity for the appellant to respond, thereby violating principles of natural justice. The NCLAT held that the appointed date shall remain as originally specified in the scheme's clauses, rejecting the NCLT's unilateral modification. The tribunal emphasized that changing the appointed date arbitrarily could significantly impact financial calculations and legal implications. Consequently, the appeal was allowed, and the impugned order was modified to reinstate the original appointed date as per the scheme's provisions.
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