https://www.taxtmi.com/caselaws?id=331760 The High Court sanctioned a Scheme of demerger transferring a company's non-foundary undertaking to another entity. Compliance with various laws and guidelines, including the Income Tax Act, FEMA, RBI regulations, and accounting standards, was emphasized. Despite concerns raised by the Regional Director, the Court found the Scheme to be in the company's interest and not prejudicial to the public. The Scheme was declared binding on the petitionerCompany, its members, creditors, and all concerned parties, with specific orders for registration and compliance with the Companies Act. The petition was disposed of with approval of the Scheme and implementation ordered, along with a cost award of Rs. 10,000. en-us Fri, 26 Aug 2016 00:00:00 +0530 Thu, 01 Sep 2016 14:07:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=331760 The High Court sanctioned a Scheme of demerger transferring a company's non-foundary undertaking to another entity. Compliance with various laws and guidelines, including the Income Tax Act, FEMA, RBI regulations, and accounting standards, was emphasized. Despite concerns raised by the Regional Director, the Court found the Scheme to be in the company's interest and not prejudicial to the public. The Scheme was declared binding on the petitionerCompany, its members, creditors, and all concerned parties, with specific orders for registration and compliance with the Companies Act. The petition was disposed of with approval of the Scheme and implementation ordered, along with a cost award of Rs. 10,000. Case-Laws Companies Law Fri, 26 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=331760