RELIANCE COMMUNICATIONS INFRASTRUCTURE LTD. Vs. STATE

JUDGEMENT

(1.) HEARD learned Counsel for the parties.

(2.) THE sanction of the court is sought under Sections 391 - 394 read with Sections 78 and 100 - 103 of the Companies Act, 1956, to the scheme of arrangement between Reliance Communications Infrastructure Ltd. ('the demerged company') and Reliance Telecom Ltd. ('the resulting company') and their respective shareholders and creditors.

(3.) THE Regional Director has filed an affidavit stating therein that the scheme is not prejudicial to the interest of the creditors, shareholders and the public. However, in paragraph 6 of his affidavit, he has stated that the petitioner -companies may be directed to furnish an undertaking that no employees would be adversely affected from or due to the implementation of the scheme.