International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
A composite scheme of amalgamation and demerger, once approved by shareholders and creditors, could not be narrowed by directing a separate demerger application or by altering the scheme's material terms. The NCLAT held that the scheme identified the amalgamated company, resulting company and demerged undertaking with sufficient specificity, and that demerger was an integral consequence of the sanctioned composite scheme under Sections 230 to 232. It also corrected factual errors in the sanction order concerning the effective date, the identity of the resulting company, and an unnecessary rider tied to an unadmitted petition. The order was set aside to the extent inconsistent with the approved scheme, while statutory dues, stamp duty, taxes and compliance obligations remained fully preserved.
A composite scheme of amalgamation and demerger, once approved by shareholders and creditors, could not be narrowed by directing a separate demerger application or by altering the scheme's material terms. The NCLAT held that the scheme identified the amalgamated company, resulting company and demerged undertaking with sufficient specificity, and that demerger was an integral consequence of the sanctioned composite scheme under Sections 230 to 232. It also corrected factual errors in the sanction order concerning the effective date, the identity of the resulting company, and an unnecessary rider tied to an unadmitted petition. The order was set aside to the extent inconsistent with the approved scheme, while statutory dues, stamp duty, taxes and compliance obligations remained fully preserved.
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