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2017 (3) TMI 1750 - HC - Companies LawSanction of Scheme of Arrangement under sections 391 and 394 of the Companies Act, 1956 - rejection on the ground that the proceedings are liable to be transferred to the National Company Law Tribunal, Chandigarh Bench, Chandigarh, (NCLT) - HELD THAT:- The rights of third parties are not effected by the scheme of arrangement. Nor are they affected by this order. If for any reason they are affected by this order, we have reserved to them the right to seek a modification or a review/recall of this order. The Regional Director in paragraph-7 of his affidavit requires the appellant to comply with the provisions of the Foreign Exchange Management Act, 1999 (FEMA)and the Reserve Bank of India (RBI). Needless to state that the appellants are bound and liable to comply with all the requirements of law including of the FEMA and RBI. The scheme of arrangement (Annexure P-1) is sanctioned.
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