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2011 (4) TMI 1021 - MADRAS HIGH COURTPetitions to sanction the scheme of amalgamation - objection raised by the Revenue Department is that as per the assessment for the year 2008-09 completed on December 31, 2010, a demand of 487.46 crores is raised against M/s. Essar Telecommunication Holding Ltd. (ETHL) - also stated that the transferor company is wholly owned subsidiary company of M/s. Essar Teleholdings Ltd., and therefore because of the demand on M/s. Essar Teleholdings Ltd., for the assessment year 2008-09, the scheme be not approved. The objection is also raised that the scheme is being objected to by M/s. Vodafone International BV - no claim against the transferor or transferee company and the demand against the holding company, has also been stayed by the appellate authority, objections of the Income-tax Department to the scheme of amalgamation are therefore rejected. Locus Standi of other person raising objection - Only objection which may be raised by any person in response to notice can be with respect to the legality of the scheme or it being in violation of any law - in the absence of violation of substantial law, merely because certain rights of third party are going to be affected, cannot be a ground to permit third party to file objection to the scheme, once the scheme is as per statutory provisions of sections 391 to 394 of the Companies Act and approved by majority - objection of the petitioner with regard to the locus standi of M/s. Vodafone International, to file objection is therefore upheld, and it is held that M/s. Vodafone International B. V., has no locus standi to file objection, against the scheme of amalgamation - scheme of amalgamation being beneficial to both the transferor and transferee companies, its shareholders and its creditors, these company petitions are ordered
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