Application seeking recall the scheme of demerger approval order is in respect of an approval of a “Scheme of Demerger” is not maintainable under Section 230(12) of the Companies Act, 2013 since sub-section (12) is allowed with respect to “takeover” of the Companies – Shri Shreans Daga and Ors. Vs. IBM India Pvt. Ltd. and Anr. – NCLT Bengaluru Bench
Hon’ble NCLT Bengaluru Bench observed that the Applicants have filed the application under Section 230(12) of the Companies Act, 2013. On bare reading of the Sub-Section (12) it is evident that “any aggrieved” party has the liberty to approach the Tribunal with respect to “takeover” of the Companies. Therefore, this application is liable to be dismissed in limine since the application seeking the recall was in respect of an approval of a “Scheme of Demerger,” and not with regard to any “Takeover of Companies.” Therefore, the application has been filed under a section which is not applicable at all, and accordingly the same is not maintainable.
