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2018 (3) TMI 1252 - AT - Companies LawScheme of Demerger - Held that:- As the suggestions made by the Appellant Companies, with regard to the 158 workmen/employees represented by the 1st Objector-Purshottam Mareshwar Vartak take care of all such employees represented by 1st Objector, in whose favour an award or order has been passed by the Court(s) of competent jurisdiction, we approve the draft suggested by the Appellant Companies as quoted at Paragraph 23 above, for incorporating it as part of the Scheme at an appropriate place, in place of the proposed Scheme with a view to safeguard the interest and rights of 158 workmen/employees of Ratnagiri Gas and Power Private Limited. We set aside the impugned order dated 16th August, 2017 passed by the Tribunal, Principal Bench, New Delhi in Company Petition approve the Scheme with modification as noticed and quoted above and the Long Stop Date stands extended up to 31st March, 2018. It will come into effect from the date as mentioned in the Scheme and shall be given effect from the date of its notification as required to be issued under the law. The Scheme of Demerger stands approved with modification as quoted above. Both the appeals are allowed with aforesaid observations. However, in the facts and circumstances of the case, there shall be no order as to costs.
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