2016 (5) TMI 663

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Scheme of Arrangement is proposed between the Petitioner Company as per the mutual arrangement between the Company and its existing shareholders and the rights of the Existing Shareholders are being varied under the present Scheme of arrangement in accordance with the applicable provisions of law. The Company desires to have differential class of Equity Shares which can be used for the future activities such as Employee Stock Option Plan, Divestment of Stake of the Company, etc. The Parent Company, considering the revival of the financial position of the Company, is desirous of getting amounts already written back under a Scheme sanctioned by this Court. The payment to the parent company will increase the confidence of the parent company ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....above affidavit, the Regional Director has, inter alia, made the following observations: a) In paragraph 2(c) of the Affidavit filed by the Regional Director it is submitted that the Hon'ble High Court may be pleased to direct the Petitioner Company to comply with the FEMA and RBI guidelines. b) In paragraph 2(e) of the Affidavit filed by the Regional Director it is submitted that the Hon'ble High Court may be pleased to direct the Petitioner Company to comply with the Provision of the Income Tax Act and Rules. 7. In response to the first observation made by the Regional Director, Ms.Dharmishta Raval, learned advocate for the petitioner, submitted that the Petitioner Company will comply with the FEMA and RBI guidelines. 8. I....