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2010 (1) TMI 575 - HIGH COURT OF DELHIPreparation and sanction of schemes - issuance of a fresh advertisement was in the larger interest of transparency - Held that:- BIFR appears to have proceeded on an incorrect premise and what was required was that the proposal of the existing management for continued management with the strategic investor infusing funds should have been explored on the merits taking into consideration the stand of the stakeholders. This has not been done by the BIFR. We feel such an exercise needs to be undertaken by the BIFR. We, thus, set aside the impugned order of the BIFR dated October 24, 2008 and of the AAIFR dated September 18, 2009, to the extent they direct an advertisement to be issued for change of management with the direction to the BIFR to examine the proposal of the existing management for infusion of funds through a strategic investor taking into consideration the interest of all the stakeholders and calling upon the stakeholders to take a stand in this behalf.
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