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2018 (7) TMI 195 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABADAmalgamation of National Multi-Commodity Exchange of India Limited with Indian Commodity Exchange - Held that:- The provisions of sub-sections (3) and (6) of Section 230 shall apply mutatis mutandis in case of merger and amalgamation of companies. But in the case at hand, the Honourable Supreme Court vide its orders granted liberty to NOL to raise all issues before this Tribunal subject to all objections. As stated by NOL in the affidavit that the stage of amalgamation proceedings was also brought to the notice of the Honourable Supreme Court and the Honourable Supreme Court, after considering the stage of the amalgamation proceedings and the provisions of the Companies Act, gave liberty to NOL to raise all issues before this Tribunal. No doubt, the Honourable Supreme Court gave liberty to NOL to raise all issues before this Tribunal, but it is subject to all objections, even as per the order of the Honourable Supreme Court. Therefore, in view of Section 230(4) and the judgment of Rainbow Denim Ltd. (2000 (12) TMI 871 - SUPREME COURT OF INDIA), this is not the stage for NOL to raise objections. In case the Scheme is approved by the shareholders and unsecured creditors and in case NMCE comes up before this Tribunal with a petition to sanction the Scheme, then, at that stage, NOL is at liberty to raise all objections and all such objections raised by NOL have to be considered by this Tribunal before approving of the Scheme. This Tribunal is of the considered view that necessary directions can be given to NMCE and ICEX to conduct meetings for approval of the proposed Scheme. The order dispensing meetings or order to conduct meetings in respect of proposed merger of NMCE with ICEX is subject to final result in the SLPs pending before the Honourable Supreme Court of India, the proceedings before the Appellate Authority under PMLA and T.P. on the file of this Tribunal relating to shareholding rights of NOL. The Objector NOL is also given liberty to raise all the objections in respect of the Scheme of merger of NMCE with ICEX in the petition seeking sanction of the Scheme, if any, is filed, subject to order of the Honourable Supreme Court in the pending SLPs
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