https://www.taxtmi.com/caselaws?id=179546 The court sanctioned the Scheme of Arrangement with Equity Shareholders under Sections 391 and 100-103 of the Companies Act, 1956, allowing the purchase of 30% of the issued share capital. It clarified the legality of choosing Section 391 for buyback over Section 77A/68, referencing the Sterilite Industries case for flexibility. The judgment emphasized adherence to RBI guidelines for share transfers and fair market value determination, dismissing allegations of tax evasion and foreign exchange outflow. Income Tax Authorities were permitted to address tax issues separately, affirming the legality of the sanctioned Scheme. en-us Tue, 28 Apr 2015 00:00:00 +0530 Wed, 06 Apr 2016 17:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179546 The court sanctioned the Scheme of Arrangement with Equity Shareholders under Sections 391 and 100-103 of the Companies Act, 1956, allowing the purchase of 30% of the issued share capital. It clarified the legality of choosing Section 391 for buyback over Section 77A/68, referencing the Sterilite Industries case for flexibility. The judgment emphasized adherence to RBI guidelines for share transfers and fair market value determination, dismissing allegations of tax evasion and foreign exchange outflow. Income Tax Authorities were permitted to address tax issues separately, affirming the legality of the sanctioned Scheme. Case-Laws Companies Law Tue, 28 Apr 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179546