https://www.taxtmi.com/caselaws?id=373704 The Tribunal approved the scheme of arrangement under sections 391-394 of the Companies Act, 1956, allowing the transfer of Rs. 288.76 crores from general reserves to the profit and loss account. The scheme aimed to utilize excess reserves for shareholder payouts. Despite objections from the Regional Director and Income-tax Department, the Tribunal found the scheme compliant with accounting principles and SEBI regulations. The order mandated compliance with BSE directions, without exemptions from stamp duty or taxes, binding all stakeholders. The appointed date was March 31, 2016, with further compliance requirements and tax implications subject to tax authorities' final decision. en-us Fri, 16 Nov 2018 00:00:00 +0530 Fri, 18 Jan 2019 08:11:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373704 The Tribunal approved the scheme of arrangement under sections 391-394 of the Companies Act, 1956, allowing the transfer of Rs. 288.76 crores from general reserves to the profit and loss account. The scheme aimed to utilize excess reserves for shareholder payouts. Despite objections from the Regional Director and Income-tax Department, the Tribunal found the scheme compliant with accounting principles and SEBI regulations. The order mandated compliance with BSE directions, without exemptions from stamp duty or taxes, binding all stakeholders. The appointed date was March 31, 2016, with further compliance requirements and tax implications subject to tax authorities' final decision. Case-Laws Companies Law Fri, 16 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373704