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| Exchange Disseminated Time | With reference to the news item appearing in the media dated January 19, 2015, captioned "Corp Affair Ministry, I-T Department oppose SESA STERLITE Merger".
In this regard, Sesa Sterlite Ltd has Clarified to BSE that:
"The Commissioner of Income Tax (CIT), Goa had filed a Special Leave Petition (SLP) in the Hon'ble Supreme Court in July 2013 challenging the Scheme of Amalgamation & Arrangement ('Scheme') under Sections 391-394 of the Companies Act, 1956. The CIT had earlier filed Company Application in Bombay High Court at Goa in 2012, which was rejected vide order dated November 06, 2012. Further appeal filed by CIT was also dismissed vide order dated February 14, 2013 by the Division Bench of Bombay High Court at Goa, which is now being challenged in the SLP. The SLP was filed in July 2013 and was listed for hearing several times in the calendar year 2013 and 2014 and the same has not been admitted. In this regard the Ministry of Corporate Affairs has also filed a separate SLP on the ground that the Scheme is against public policy and both the SLPs are clubbed together.
The SLP was heard yesterday by the Hon'ble Supreme Court and the Court after hearing the arguments of all parties has fixed the matter for final disposal on April 28, 2015.
The Scheme was implemented in August 2013 and the Company is defending the matter in the Hon'ble Supreme Court. The Company is of the view that the Scheme was approved by the Shareholders, other Regulators and further by the High Court of Bombay and Madras in accordance with the prescribed laws and procedure." |
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