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2021 (5) TMI 648 - Tri - Companies LawApproval of scheme of Arrangement - section 230-232 of Companies Act - HELD THAT:- From a perusal of the material brought on record, it appears that the Scheme of Arrangement is fair, reasonable and is not detrimental to the Members or Creditors or contrary to public policy. Further, as per the Petition, the Scheme in question will enable the Applicants to demerge the Export Division and Packaging Products Division into the Resulting Company. Such segregation will provide for separate, dedicated management of the Public Guidance System Division, which will lead to a more focused approached and will provide greater flexibility to the respective entities, to meet the needs for carrying out its operations, which would be in the best interests of the Demerged Company, its shareholders, creditors and all persons connected with the Resulting Company, etc. The procedure specified in sub-sections (1) and (2) of section 232 of the Companies Act, 2013 has been complied with, and hence the Scheme of Arrangement, as approved by the Boards of Demerged Company and the Resulting Company, is hereby sanctioned - Application allowed.
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