HC may sanction non tax neutral demerger

HIGH COURT OF DELHI Indo Rama Textile Ltd., In re MANMOHAN, J. CO.PET. No. 4 OF 2003 Co. Appl. No. 762 of 2009 JULY 23, 2012  JUDGMENT CO. APPL. 762/2009 1. Present application being Co. Appl.762/2009 has been filed under Section 392(1)(b) of the Companies Act, 1956, (hereinafter referred to as “Act, 1956″) on behalf of the Spentex Industries Limited (hereinafter referred to as ”Applicant”) for modification of a Scheme sanctioned by this Court on 27th February, 2003 as well as for an order directing the respondent-Indo Rama Synthetics Limited (for shor...