https://www.taxtmi.com/caselaws?id=788894 A composite scheme of arrangement combining amalgamation and demerger was read as an integrated document, with the amalgamation treated as the first step and the demerger of the identified undertaking as the immediate consequential step. On a conjoint reading of the scheme clauses, the demerged company and demerged undertaking were sufficiently specified, so the forum below was not justified in treating the demerger as uncertain or requiring a separate application. The decision reaffirms that scheme sanction is a supervisory exercise and that the adjudicating forum should not sever a commercially approved structure or substitute its own commercial assessment for that of the board, shareholders and creditors. en-us Fri, 06 Feb 2026 00:00:00 +0530 Tue, 31 Mar 2026 08:27:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788894 A composite scheme of arrangement combining amalgamation and demerger was read as an integrated document, with the amalgamation treated as the first step and the demerger of the identified undertaking as the immediate consequential step. On a conjoint reading of the scheme clauses, the demerged company and demerged undertaking were sufficiently specified, so the forum below was not justified in treating the demerger as uncertain or requiring a separate application. The decision reaffirms that scheme sanction is a supervisory exercise and that the adjudicating forum should not sever a commercially approved structure or substitute its own commercial assessment for that of the board, shareholders and creditors. Case-Laws Companies Law Fri, 06 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788894