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2010 (8) TMI 183 - HC - Companies LawPreparation and sanction of schemes - whether a technical defect should be made to now negate the scheme when various parties have altered their position in terms of the aspect of reduction of shareholding and the consequential acts? Held that:- This would be a fruitless exercise and the mere completion of formality as if the plea of the petitioner that dilution of share should not take place was to be accepted, the complete restructuring process would be affected. The company stands revived and various parties have acted in pursuance to the scheme and shares traded. It is not as if there are various options or alternatives put forth by the petitioner, but the whole case of the petitioner is predicated on the plea that its shareholdings should not be diluted without its consent. We have already held that the consent of the petitioner is not required. Thus, no useful purpose would be served as the issue of dilution of shareholding cannot be revisited without affecting the whole scheme which in effect stands implemented and the fruits of which are available and are even being enjoyed by the petitioner in terms of a much higher face value of the share at almost three times of the face value as against less than 10 per cent of the face value. We are, thus, not inclined to re-open this chapter. Appeal dismissed.
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