HIGH COURT OF BOMBAY : In Associated Aluminium Industries (P) Ltd. vs. The Registrar of Companies

Where if the reliefs sought by way of amendment of sanctioned scheme of arrangement were granted, that would effectively amount to tampering with the essence of the scheme which is impermissible.

Just because certain tax benefits have been lost does not mean that the scheme is not workable. Hence no modifications are required. If the reliefs as sought are granted, would effectively amount to tampering with the essence of the scheme which is impermissible. The basic fabric of the Scheme would change and will go beyond the confines of what the Court while sanctioning the Scheme understood in the provisions of the Scheme.

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