https://www.taxtmi.com/caselaws?id=284961 The Tribunal upheld the objections raised by the Central Government regarding discrepancies in financial details in a Scheme of Arrangement under the Companies Act, 2013. The Transferor Company failed to accurately reflect the realisable value of assets, specifically a loan amount, in its Balance Sheet. Despite arguments citing Accounting Standard 9, the Central Government's concerns prevailed, leading to a directive for compliance with Sections 128(1) and 131 of the Companies Act, 2013. The Transferor Company was instructed to revise its financial statement to align with accounting standards for further review. en-us Thu, 24 Jan 2019 00:00:00 +0530 Tue, 18 Apr 2023 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=284961 The Tribunal upheld the objections raised by the Central Government regarding discrepancies in financial details in a Scheme of Arrangement under the Companies Act, 2013. The Transferor Company failed to accurately reflect the realisable value of assets, specifically a loan amount, in its Balance Sheet. Despite arguments citing Accounting Standard 9, the Central Government's concerns prevailed, leading to a directive for compliance with Sections 128(1) and 131 of the Companies Act, 2013. The Transferor Company was instructed to revise its financial statement to align with accounting standards for further review. Case-Laws Companies Law Thu, 24 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=284961