https://www.taxtmi.com/caselaws?id=767304 The NCLAT dismissed an appeal challenging a scheme of arrangement for delisting. The court held that SEBI's Regulation 37 provides adequate safeguards for public shareholders through valuation requirements, voting thresholds, and exit mechanisms. The appellant's claims regarding reverse book building yielding better prices were deemed speculative. The court found no evidence of undue influence from the company's outreach initiative, noting SEBI's administrative warning didn't invalidate voting. SEBI's relaxation was within regulatory powers and couldn't be appealed. The joint valuation report met requirements, and participation of ICICI group employees/mutual funds was appropriate with negligible impact. The appellant lacked standing to object under Section 230(4). en-us Mon, 10 Mar 2025 00:00:00 +0530 Sat, 15 Mar 2025 08:41:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767304 The NCLAT dismissed an appeal challenging a scheme of arrangement for delisting. The court held that SEBI's Regulation 37 provides adequate safeguards for public shareholders through valuation requirements, voting thresholds, and exit mechanisms. The appellant's claims regarding reverse book building yielding better prices were deemed speculative. The court found no evidence of undue influence from the company's outreach initiative, noting SEBI's administrative warning didn't invalidate voting. SEBI's relaxation was within regulatory powers and couldn't be appealed. The joint valuation report met requirements, and participation of ICICI group employees/mutual funds was appropriate with negligible impact. The appellant lacked standing to object under Section 230(4). Case-Laws Companies Law Mon, 10 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767304