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2021 (8) TMI 757 - Tri - Companies LawSeeking to sanction the Scheme of Arrangement - Sections 230 to 232 of the Companies Act, 2013 - HELD THAT:- It is a settled position of law that any Scheme of Arrangement or Amalgamation/demerger, under the extant provisions of Companies Act, would not contemplate to waive any liability or legal action for any violation of provisions of Companies Act, so as to prevent Statutory Authorities from initiating any action against violation of provisions of Companies Act, in respect of the Companies involved, in accordance with law. In the instant case also, the Petitioner No. 2 would inherit all the responsibilities. The Tribunal, in the instant proceedings, cannot examine every alleged violation committed by the Petitioner Companies, since the issue here is only to sanction of the Scheme, subject to compliance of extant provisions of Companies Act and to make them to comply all terms and conditions as mentioned in the proposed Schezne in question, and other consequential actions, after sanction of the Scheme - the Scheme in question is comprehensive one complying with the provisions of Sections 230 to 232 of the Companies Act, 2013 and the Rules made thereunder and the Petition/Application is filed in accordance with law. The scheme is sanctioned - application allowed.
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