consideration, the assessee decided to restructure and reorganise the company by spinning off its "Panasonic Division" to Matsushita Television & Audio India ... scheme of arrangement which provided that assessee company was to spin off the entire property, rights and powers including the technical assistance and know
Public Limited Company to carry on business of spinning, weaving, manufacturing, dealing in cotton or other fabrics, substances and the preparation, dyeing or colouring ... objectors raised allegation of illegality of sale and lease back transaction, spin-off garment division and diversion of funds. The objections raised by the objectors
acquired the
Domestic Formulation Undertaking (DFU) under the arrangement of
spin off from its holding company, SPIL. The DFU comprised
various assets including intangible assets ... intangible assets so
received under the spin off arrangement were recognized for the
first time by the Appellant at a value reflective of their fair
GGPL, thereafter entered into an agreement dated 16.04.1998 with NPIL
for spin off, sell and transfer as slump sale with effect from 01.04.1998, which ... Gujarat Glass Division.
E. PEL and NPIL therefore are desirous to spin off the said Gujarat Glass Division
of GGL to be a separate subsidiary
years' time. It was, therefore, necessary to spin off the tube division into a separate company and restructure its debt and equity through ... unit for blast furnace at Hospet in Karnataka. The decision to spin off tube division was taken by the company to improve the viability
1998 nsk Page 5 of 32
the 'Spin Off Division' or any matter arising before the date of
arrangement and relating ... arrangement, i.e. 1.4.1997, all assets and liabilities of 'Spin Off
Division' were to vest in the respondent No.2, without any further
other than Eyewear business conducted by the Target Company being hive off/spun off and therefore by merely entering into the said agreement by itself ... could get and in fact got the necessary Resolution passed for spinning off non Eyewear business of the Target Company. He submitted that the ground
Public Limited Company to carry on business of spinning, weaving, manufacturing, dealing in cotton or other fabrics, substances and the preparation, dyeing or colouring ... objectors raised allegation of illegality of sale and lease-back transaction, spin-off garment division and diversion of funds. The objections raised by the objectors
company in 2-3 years time. It was, therefore, necessary to spin off the tube division into a separate company and restructure its debt ... unit for blast furnace at Hospet in Karnataka. The decision to spin off tube division was taken by the company to improve the viability
stark reality is
registration of a document concerning immovable property spins
off multiple transactions and generates third party claims/
litigation. In the present context ... Courts, it is helping the fraudsters to create multiple transactions
and spinning off more litigation. All this can be averted if the
registering authority exercises
