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2010 (9) TMI 221 - HIGH COURT OF PUNJAB AND HARYANAWhether the assets of the petitioner carried in the books on historical basis do not adequately reflect true and fair view of the state of affairs of the petitioner-company? Held that:- The scheme of arrangement was in respect of reorganization of reserves and revaluation of assets, adjustment of goodwill or any intangible that may arise on account of the acquisition of the electrical contracting business of Naseer Electricals Private Limited against the general reserve of the Company as well as for adjustment of any consideration, fees, incentives etc., payable to any employee or consultants in accordance with the business purchase agreement and its annexures thereof. In the said case the scope of the scheme of arrangement was wider than the proposed scheme of arrangement to revalue the assets of the Company alone. Revaluation of assets was only one part of the Scheme. Thus, the said order does not answer the question raised that the process of revaluation of assets of the company unitarily does not require any approval of the company court. In view of the said fact, the scheme of arrangement, as proposed by the petitioner-company, does not require any approval by this Court. Consequently, the present petition is dismissed with liberty to the petitioner for appropriate action on its own, in accordance with law
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