NCLAT dismissed the appeals and upheld the sanctioning order,...

NCLAT dismissed the appeals and upheld the sanctioning order, holding that the Appellant lacks statutory standing under Section 230(4) of the Act (fails the 10% threshold) and therefore is not an 'aggrieved person' under Section 421. The Tribunal found no illegality in the sanction process or in the Scheme's terms, noting the Impugned Order was detailed and reasoned. Despite allegations of unfair valuation, undisclosed regulatory relaxations, undue influence, and participation by related employees and funds, NCLAT concluded these contentions do not warrant setting aside the order. With 93.82% equity and 71.89% public shareholder approval, the appeals were dismissed and the Scheme's sanction remains intact, implementation only delayed by the Appellant's minimal holding.