sterlite buyback judgment

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Equivalent Citation: [2003]113CompCas273(Bom), [2003]45SCL475(Bom)
Appeal Lodging Nos. 520 and 526 of 2002 in Company petition No. 203 of 2002 in Company Application No. 18 of 2002
Decided On: 15.07.2002
Appellants: The Securities & Exchange Board of India (SEBI)
Respondent: Sterlite Industries (India) Ltd.
Appellants: Union of India (UOI) through Ministry of Law Justice and Company Affairs, Department of Company Affairs, having its Mumbai Office at Mumbai
Respondent: Sterlite Industries (India) Ltd.
Hon 'ble Judges/Coram:
A.P. Shah and Nishita Mhatre, JJ.
For Appellant/Petitioner/Plaintiff: R.A. Dada and Kumar Desai, Advs., i/b., Maneksha and Sethna,
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(ii) Power of Company Court - Sections 391, 77-A, 100, 101, 102, 103 and 104 of Companies Act, 1956 - whether Company Court has power to grant reorganisation scheme under Section 391 read with Sections 100 to 104 empowering company to buy back shares from shareholders or whether Section 77-A only mode to buy back shares - Section 391 empowers Court with wide powers to approve or sanction any scheme of amalgamation, arrangement, compromise or reconstruction - Section 77-A is merely an enabling provision and Court 's powers under Section 391and Sections 100 to 104 are not affected - conditions applicable to Sections 100 to 104 and Section 391 cannot be imported into or made applicable to buy back shares under Section 77-A - two operate in independent fields.

1. These appeals arise out of an order passed in Company Petition No. 202 of 2002 sanctioning a scheme of arrangement between the Respondent Sterlite Industries (India) Ltd( for short "company") and its

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