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2019 (10) TMI 1413 - AT - Companies LawApproval of scheme of merger - Application of Merger rejected on certain ground which was not required to be noticed for determination of merger u/s 230-232 of the Companies Act, 2013 - HELD THAT:- In view of the stand taken by the parties and taking into consideration the facts of the case, the impugned order passed by the ‘National Company Law Tribunal’ Mumbai Bench is set aside. If the Appellant Companies proceeds further, it should follow the procedure enshrined in Section 230-232 of the Companies Act, 2013 and other provisions as required to be followed under the Law including the permission from the Income Tax Department and requirement, if any, from SEBI and if procedure required to be followed under Accounting Standard so as to ensure that the shareholders do not suffer on ‘Merger’ - appeal allowed.
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