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2013 (5) TMI 547 - HC - Companies LawMaintainability of Petition - Amalgamation - scheme sanctioned by the Court - intervention by the Income Tax authorities on the ground that it would entail huge losses to the revenue – Demand notice was issued u/s 166 of the IT Act. Held that:- under the provisions of Section 391 the Central Government and the IT Authority do not have any powers to intervene or to be heard on any scheme which is filed seeking sanction of this Court u/s 391 of the Companies Act. - The ratio of S.R.F. Ltd. v. Garware Plastics & Polyesters Ltd. [1995 (3) TMI 87 – Supreme Court] cannot be applied in the present case as the said case relate to question that which fell for consideration before the Apex Court was whether the board had a right to be heard. Thus in our view, the learned Single Judge has rightly come to the conclusion that the application for intervention is not maintainable and the order passed by the learned Single Judge is confirmed. Both these appeals are dismissed.
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