https://www.taxtmi.com/caselaws?id=197501 A scheme of arrangement involving multiple demergers and related accounting treatment must be supported by the company auditor's certificate confirming conformity with prescribed accounting standards under the Companies Act, 2013. Where that certificate is not filed, the Tribunal treats compliance as mandatory and will not grant immediate sanction of the scheme. The petitioners were given two weeks to cure the defect by filing the required certificate, failing which the petition would stand rejected. Final approval of the scheme was therefore deferred until statutory auditor-certification compliance was achieved. en-us Fri, 26 May 2017 00:00:00 +0530 Tue, 09 Jan 2018 08:20:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197501 A scheme of arrangement involving multiple demergers and related accounting treatment must be supported by the company auditor's certificate confirming conformity with prescribed accounting standards under the Companies Act, 2013. Where that certificate is not filed, the Tribunal treats compliance as mandatory and will not grant immediate sanction of the scheme. The petitioners were given two weeks to cure the defect by filing the required certificate, failing which the petition would stand rejected. Final approval of the scheme was therefore deferred until statutory auditor-certification compliance was achieved. Case-Laws Insolvency and Bankruptcy Fri, 26 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197501