A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::open($save_path, $name) should either be compatible with SessionHandlerInterface::open(string $path, string $name): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 132

Backtrace:

File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
Line: 7
Function: library

File: /home/u936103050/domains/judicialtestseries.com/public_html/index.php
Line: 315
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::close() should either be compatible with SessionHandlerInterface::close(): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 290

Backtrace:

File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
Line: 7
Function: library

File: /home/u936103050/domains/judicialtestseries.com/public_html/index.php
Line: 315
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::read($session_id) should either be compatible with SessionHandlerInterface::read(string $id): string|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 164

Backtrace:

File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
Line: 7
Function: library

File: /home/u936103050/domains/judicialtestseries.com/public_html/index.php
Line: 315
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::write($session_id, $session_data) should either be compatible with SessionHandlerInterface::write(string $id, string $data): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 233

Backtrace:

File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
Line: 7
Function: library

File: /home/u936103050/domains/judicialtestseries.com/public_html/index.php
Line: 315
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::destroy($session_id) should either be compatible with SessionHandlerInterface::destroy(string $id): bool, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 313

Backtrace:

File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
Line: 7
Function: library

File: /home/u936103050/domains/judicialtestseries.com/public_html/index.php
Line: 315
Function: require_once

A PHP Error was encountered

Severity: 8192

Message: Return type of CI_Session_files_driver::gc($maxlifetime) should either be compatible with SessionHandlerInterface::gc(int $max_lifetime): int|false, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice

Filename: drivers/Session_files_driver.php

Line Number: 354

Backtrace:

File: /home/u936103050/domains/judicialtestseries.com/public_html/application/controllers/Webpage.php
Line: 7
Function: library

File: /home/u936103050/domains/judicialtestseries.com/public_html/index.php
Line: 315
Function: require_once

NCLAT Clears Ambiguity Over NCLT's Power To Dispense With The Meetings Of Shareholders & Creditors In A Scheme Of Arrangement/ Amalgamations
  • info@judicialtestseries.com
  • +91-9888949596

NCLAT Clears Ambiguity Over NCLT's Power To Dispense With The Meetings Of Shareholders & Creditors In A Scheme Of Arrangement/ Amalgamations

11 Sep 2019 08:13 pm

In a landmark Judgement, the National Company Law Appellate Tribunal (NCLAT) set aside the order of National Company Law Tribunal (NCLT), Chandigarh Bench, as being per incuriam. This was because it declined the dispensation of certain meetings of shareholders and creditors of Applicant Companies while holding that such dispensations are not permissible under the provisions of the Section 230-232 of the Companies Act, 2013.

Various benches of the NCLT gave contradictory judgments on the subject and created ambiguity. Few benches of the NCLT denied themselves the jurisdiction to dispense with such meetings, even when 100% written consents of members/ creditors were obtained in writing. Whereas few benches, while exercising their discretion, dispensed with such meetings in cases where no such written consents were obtained.

Dr. U. K. Chaudhary, Senior Advocate while arguing before the NCLT, Chandigarh Bench submitted that the meetings of shareholders and creditors are not required in the present case as the Transferor Companies are wholly owned subsidiaries of Transferee Company, and no shares would be issued or allotted as consideration pursuant to the Scheme. Accordingly, the rights of the members of Transferee Company are not affected, and the Scheme will not result in any dilution of the shareholding of public shareholders. It was further submitted that creditors are also not affected since the Scheme does not envisage any reduction in their claims and the Transferee Company shall have a highly positive net worth post sanction of the Scheme. Reliance was placed on various judgments of co-ordinate benches of NCLT including a full member bench judgment of NCLT and various judgments of High Court(s).

DLF PHASE -IV COMMERCIAL DEVELOPERS LTD.
COMPANY APPEAL NO. 180 OF 2019


A PHP Error was encountered

Severity: 8192

Message: str_replace(): Passing null to parameter #3 ($subject) of type array|string is deprecated

Filename: core/Output.php

Line Number: 457

Backtrace:

File: /home/u936103050/domains/judicialtestseries.com/public_html/index.php
Line: 315
Function: require_once