TaxTMI 
TaxTMI 
2010 (9) TMI 221
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....tion in the present name of the Company was issued on 16-7-2001. 2. The main object of the petitioner-company is to manufacture, buy, sell, import, export, assemble, distribute, repair, exchange, alter or hire, buy or sell or to conduct, develop, enter into arrangements for setting up of all kinds of telecommunication equipments, like Rural Automatic Exchange, Private Automatic Branch Exchange, Transmission equipment modems, integrated digital network systems etc., as mentioned in clause (3) of the Memorandum of Association. The petitioner is said to have authorized share capital of Rs. 35,00,00,000 divided into 3,50,00,000 equity shares of Rs. 10 each. The issued, subscribed and paid up share capital of the petitioner-company is Rs. 20,....
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....nistry of Corporate Affairs, Noida and for publication of notices in the newspapers in exercise of the powers under the Company (Court) Rules, 1959. 5. The relevant averment in the petition seeking approval of this court is as under :- "6. The assets of the petitioner-company which has been carried in the books on historical basis do not adequately reflect true and fair view of the state of affairs of the petitioner-company. The land and buildings of the petitioner-company are over 40 years old and do not reflect their true net worth in the books of the petitioner-company. Part of the long term investments made by the petitioner-company have since also permanently diminished in value and are now unrealizable. The petitioner-company ha....
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.... of revaluation of assets of the Blue Star Limited, was approved. Some of the relevant provisions of the Act read as under :- "211. Form and contents of balance-sheet and profit and loss account.-(1) to ** ** ** (3A) Every profit and loss account and balance sheet of the company shall comply with the accounting standards. (3B) Where the profit and loss account and the balance sheet of the company do not comply with the accounting standards, such company shall disclose in its profit and loss account and balance sheet, the following, namely :- (a )the deviation from the accounting standards; (b )the reasons for such deviation; and (c )the financial effect, if any, arising due to such deviation. (3C) For the purpo....
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.... the application of the company or of any creditor or member of the company, or, in the case of a company which is being wound up, of the liquidator, order a meeting of the creditors or class of creditors, or of the members or class of members, as the case may be, to be called, held and conducted in such manner as the Tribunal directs." 9. The expression "arrangement" as defined above includes a reorganization of the share capital of the company by the consolidation of shares of different classes, or by the division of shares into shares of different classes or, by both those methods. Such arrangement can be arrived at between company or its creditor or class of creditors or company or its members and any class of members. Thus for an ar....
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....such deviation. Reference may be made to clause (3B) of section 211 of the Act. Therefore, the scheme as proposed by the Company does not fall within the scope of either section 391 of the Act nor revaluation of the assets requires permission of this Court in terms of section 211 of the Act. 12. The order in Blue Star of the Bombay High Court passed in CP No. 233 of 2008, dated 11-4-2008 does not deal with the questions raised in the present petition. In the absence of any discussion on the issues arising for consideration in the present case, the said order is of no help to the petitioner-company. Still further, the scheme of arrangement was in respect of reorganization of reserves and revaluation of assets, adjustment of goodwill or an....