https://www.taxtmi.com/caselaws?id=284960 The Tribunal dismissed the petition seeking approval for the consolidation and division of equity shares under Section 61(1)(b) of the Companies Act, 2013. The Tribunal found that the proposal aimed to circumvent SEBI regulations and the Companies Act by using share consolidation to provide an exit to public shareholders. It emphasized that promoters should have followed SEBI guidelines for acquiring shares not offered under the exit offer within one year. Concerns were raised about potential non-compliance and the arbitrary reduction of minority shareholders' voting percentages. The petition was dismissed with no order as to costs. en-us Wed, 05 Dec 2018 00:00:00 +0530 Wed, 18 Dec 2019 18:17:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284960 The Tribunal dismissed the petition seeking approval for the consolidation and division of equity shares under Section 61(1)(b) of the Companies Act, 2013. The Tribunal found that the proposal aimed to circumvent SEBI regulations and the Companies Act by using share consolidation to provide an exit to public shareholders. It emphasized that promoters should have followed SEBI guidelines for acquiring shares not offered under the exit offer within one year. Concerns were raised about potential non-compliance and the arbitrary reduction of minority shareholders' voting percentages. The petition was dismissed with no order as to costs. Case-Laws Companies Law Wed, 05 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284960