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2009 (3) TMI 582 - HIGH COURT OF GUJARATCompromise and arrangement - Held that:- No valid and good ground to refuse to grant the sanction qua the scheme, which, however, is subject to the conditions prescribed by this judgment and order. It is declared that this Court’s decision regarding the relief prayed for in the petition (i.e., sanction or refusal to sanction the scheme), will not have any bearing on and will not affect the future actions by the respondent Central Government or any consequences which may ensue on account of any action of the company including the actions mentioned in the communication dated 17-10-2008 and/or 5-12-2008. The intimation dated 17-10-2008 and the subsequent communication dated 5-12-2008 would naturally be pursued and taken to its logical end in accordance with the provisions under the Act, by the Competent Authority. The scheme and/or the decision of the Court also would not give any impunity to the company or to the directors from any proceedings including prosecution and hence, the proceedings which might have been already initiated or which are likely to be initiated and may be initiated will not be effected in any manner.
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