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BIREN VAISHNAV, NIKHIL S. KARIEL, DEVAN M. DESAI
Vodafone Idea Telecom Infrastructure Limited – Appellant
Versus
Chief Controlling Revenue Authority, Gujarat State – Respondent
JUDGMENT :
BIREN VAISHNAV, J.
1. This Stamp Reference is made under Section 54(1A) of the GUJARAT STAMP ACT , 1958 (hereinafter referred to as ‘the STAMP ACT ’) by the Chief Controlling Revenue Authority, Gandhinagar for the opinion of this court.
2. Facts in brief are as under:
2.1 A scheme of arrangement between Vodafone Idea Limited (hereinafter referred to as ‘the transferor company’) and Vodafone Idea Telecom Infrastructure Limited (hereinafter referred to as ‘the transferee company’) and their respective shareholders and creditors was presented for the transfer of the Fibre Infrastructure Undertaking of the transferor company and vesting of the same with the transferee company. The transferee company was to pay to the transferor company consideration equal to the carrying value of net assets transferred, calculated as the difference between the book value of the assets and the book value of the liabilities transferred on the appointed date as stipulated in clause 8.1 of Part B of the Scheme. The consideration amount was determined as Rs.4639 crores.
2.2 The National Company Law Tribunal at Ahmedabad (for short ‘the Tribunal’) by an order dated 18.09.2019 sanctioned the scheme.
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