https://www.taxtmi.com/caselaws?id=333192 A scheme of arrangement for transfer of a telecom undertaking was upheld despite the absence of a fixed appointed date, because the effective date could operate as the practical transfer point where regulatory approvals were pending. The disclosure obligation under Section 391(2) was treated as limited to material facts of the kind contemplated by the provision, so private commercial instruments such as an earn-out deed and merger agreement did not require full disclosure to defeat sanction. The court also rejected allegations of tax evasion and minority objections, holding that tax consequences remained open to assessment under law and that disputed or irrelevant claims could not override approval by the requisite majority. The scheme was found legally compliant and sanctioned. en-us Fri, 30 Sep 2016 00:00:00 +0530 Thu, 06 Oct 2016 12:27:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333192 A scheme of arrangement for transfer of a telecom undertaking was upheld despite the absence of a fixed appointed date, because the effective date could operate as the practical transfer point where regulatory approvals were pending. The disclosure obligation under Section 391(2) was treated as limited to material facts of the kind contemplated by the provision, so private commercial instruments such as an earn-out deed and merger agreement did not require full disclosure to defeat sanction. The court also rejected allegations of tax evasion and minority objections, holding that tax consequences remained open to assessment under law and that disputed or irrelevant claims could not override approval by the requisite majority. The scheme was found legally compliant and sanctioned. Case-Laws Companies Law Fri, 30 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333192