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2018 (7) TMI 395 - Tri - Companies LawApproval of the Scheme of Arrangement - Held that:- Upon considering the approval accorded by the members and creditors of the Petitioner Companies to the proposed Scheme and the affidavits filed by the Regional Director and Official Liquidator whereby no objections have been raised to the proposed Scheme, there appears to be no impediment to grant sanction to the Scheme. However the Companies shall remain bound by the undertaking filed by each one of them. Consequently, sanction is hereby granted to the Scheme under sections 230 to 232 of the Companies Act, 1956. The Petitioners shall however remain bound to comply with the statutory requirements in accordance with law. Notwithstanding the above, if there is any deficiency found or, violation committed qua any enactment, statutory rule or regulation, the sanction granted by this court to the scheme will not come in the way of action being taken, albeit, in accordance with law, against the concerned persons, directors and officials of the petitioners. While approving the scheme as above, we further clarify that this order should not be construed as an order in any way granting exemption from payment of stamp duty, taxes including VAT/GST or other charges, if any, and payment in accordance with law or in respect to any permission/compliance with any other requirement which may be specifically required under any law.
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