https://www.taxtmi.com/caselaws?id=422492 Rectification of the NCLT approval order was allowed because the direction to maintain minimum public shareholding of 5% was inconsistent with the approved resolution plan and the corporate debtor's completed delisting. The tribunal treated that direction as a typographical error, since the plan contemplated delisting in accordance with applicable regulations and the securities had already been delisted by the stock exchanges. The earlier order was therefore to be read without the requirement to maintain 5% public shareholding, while the operative effect remained extinguishment of the existing share capital and issuance of new equity share capital. en-us Wed, 27 Apr 2022 00:00:00 +0530 Tue, 17 May 2022 08:39:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422492 Rectification of the NCLT approval order was allowed because the direction to maintain minimum public shareholding of 5% was inconsistent with the approved resolution plan and the corporate debtor's completed delisting. The tribunal treated that direction as a typographical error, since the plan contemplated delisting in accordance with applicable regulations and the securities had already been delisted by the stock exchanges. The earlier order was therefore to be read without the requirement to maintain 5% public shareholding, while the operative effect remained extinguishment of the existing share capital and issuance of new equity share capital. Case-Laws Insolvency and Bankruptcy Wed, 27 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422492