https://www.taxtmi.com/caselaws?id=459974 The HC sanctioned the Composite Scheme of Arrangement for transferring the Northern Eastern Business Division from the transferor to the transferee company, finding compliance with Section 391(2) of the Companies Act, 1956. The valuation report by a Chartered Accountant met legal standards, and the non-participation of secured creditors was resolved through their 'no objection' letters. However, the sanction is contingent upon approval by the HC of West Bengal, as the transferee company is registered there. All procedural and statutory requirements were deemed satisfied, pending the dual court approval necessary for cross-jurisdictional arrangements. en-us Mon, 27 May 2013 00:00:00 +0530 Tue, 07 Jan 2025 15:02:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459974 The HC sanctioned the Composite Scheme of Arrangement for transferring the Northern Eastern Business Division from the transferor to the transferee company, finding compliance with Section 391(2) of the Companies Act, 1956. The valuation report by a Chartered Accountant met legal standards, and the non-participation of secured creditors was resolved through their 'no objection' letters. However, the sanction is contingent upon approval by the HC of West Bengal, as the transferee company is registered there. All procedural and statutory requirements were deemed satisfied, pending the dual court approval necessary for cross-jurisdictional arrangements. Case-Laws Companies Law Mon, 27 May 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459974