1. The Court convened through videoconferencing.
2. Heard Learned Counsel for the Petitioner Company. No objector has come before the Tribunal to oppose the Company Scheme Petition and nor has any party controverted any averments made in the Company Scheme Petition.
3. The sanction of this Tribunal is sought under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (“Act”) to the Scheme of Arrangement between Reliance Industries Limited & its shareholders and creditors and Reliance Syngas Limited & its shareholders and creditors (“Scheme”).
4. The Petitioner Company inter alia has multiple undertakings viz., digital services, retail, financial services, E&P and oil-to-chemicals including gasification undertaking. Reliance Syngas Limited (“Transferee Company”) would be engaged, inter alia, in production of Synthesis Gas (Syngas) through Surface Petcoke/Coal Gasification or Underground Coal Gasification or through Coal Bed Methane extraction or from Gas Hydrate or using Natural Gas.
5. The registered office of the Transferee Company is located in Ahmedabad, Gujarat. Thus, the Transferee Company has filed separate proceedings before the jurisdictional Tribunal viz., National Company Law Tribunal, Ahmedabad Bench.
6. The learned Counsel for the Petitioner Company submits that the rationale mentioned in the Scheme is as under:
“1. The Gasification Undertaking produces syngas to meet the energy requirements at Jamnagar as refinery off-gases which earlier served as fuel were repurposed into feedstock for the Refinery Off Gas Cracker (ROGC). This enables production of olefins at competitive capital and operating costs. Syngas as a fuel ensures reliability of supply and helps reduce volatility in the energy costs. Syngas is also used to produce hydrogen for consumption in the Jamnagar refinery.
2. RIL targets to have a portfolio which is fully re-cyclable, sustainable and net carbon zero. This will be achieved by transitioning to high value materials and chemicals with renewables as the source of meeting its energy requirements.
3. As RIL progressively transitions to renewables as its primary source of energy, more syngas will become available for upgradation to high value chemicals including C1 chemicals and hydrogen. Further, carbon di-oxide released during the process of producing hydrogen is highly concentrated and easy to capture, substantially reducing the cost of carbon capture. Overall, these steps will help sharply reduce carbon footprint of Jamnagar complex.
4. India is a high growth market and is expected to continue to see a deficit of these high value chemicals in the foreseeable future. Repurposing the gasification assets will help use syngas as a reliable source of feedstock to produce these chemicals and cater to growing domestic demand, resulting in an attractive business opportunity. Further, as the hydrogen economy expands, RIL will be well positioned to be the first mover to establish a hydrogen ecosystem.
5. With optionality in applications for syngas, the nature of risk and returns associated with the Gasification Business will likely be distinct from those of the other businesses of RIL. This distinct business profile also provides the opportunity to potentially attract a different pool of investors and strategic partners for the Gasification Business and new materials and chemicals projects.
6. Accordingly, this Scheme is being proposed for transfer of the Gasification Undertaking to RSL as a going concern on Slump Sale basis.
The Scheme is in the interest of RIL, RSL and their respective stakeholders.”
7. Learned Counsel for the Petitioner Company submits that the Company Scheme Petition was filed in consonance with the Order dated 28th January 2022 passed by this Tribunal in CA (CAA) No.15/MB/2022 (“said Order”).
8. Learned Counsel for the Petitioner Company submits that vide the said Order, the Company Scheme Application was admitted, and the Petitioner Company was directed to convene meetings of its secured creditors, unsecured creditors and equity shareholders. The Learned Counsel for the Petitioner Company submits that, as directed by this Tribunal vide the said Order, the meetings of the secured creditors, unsecured creditors and equity shareholders were held on 9th March 2022 at 10:30 a.m., 11:45 a.m., and 2:00 p.m. respectively, through video conferencing, for the purpose of considering and if thought fit, approving with or without modification, the Scheme. The Chairperson appointed for the said meetings has filed Chairperson’s Report showing the conduct and results of the said meetings as directed, which is annexed as Exhibit ‘A14’ to the Company Scheme Petition.
9. Learned Counsel for the Petitioner Company submits that the Hon’ble Tribunal admitted the Company Scheme Petition and fixed 28th March 2022 as the date for hearing and final disposal of the Company Scheme Petition. The Petitioner Company was directed to cause publication of the notice of hearing of the Company Scheme Petition, at least 10 (ten) days before the date fixed for final hearing in ‘Business Standard’ in English having nation- wide circulation and ‘Loksatta’ in Marathi having circulation in Maharashtra. Learned Counsel for the Petitioner Company states that the Petitioner Company caused the publication of notice of hearing and final disposal of the Company Scheme Petition in the said newspapers on 17th March 2021.
10. Learned Counsel for the Petitioner Company submits that the Petitioner Company has also served notice of hearing and final disposal of Company Scheme Petition upon: (i) Central Government through the Regional Director, Western Region (“Regional Director”); (ii) Registrar of Companies, Mumbai, Maharashtra; (iii) Income Tax Authority concerned addressed to the Assistant Commissioner of Income Tax Range 3(4), 29th Floor, World Trade Centre, Cuffe Parade, Mumbai (Petitioner Company having Permanent Account Number AAACR5055K); (iv) Goods & Services Tax Authority at the Commissioner of Central Goods & Services Tax, Belapur Commissionerate, 1st Floor, CGO Complex, CBD Belapur, Navi Mumbai – 400 614; and (v) BSE Limited.
11. The Petitioner Company has filed a Compliance Report on 21st March 2022, evidencing the said newspaper publications and service of notices upon the concerned authorities.
12. Learned Counsel for the Petitioner Company states that the Petitioner Company has complied with all the requirements as per the directions of this Tribunal.
13. The Regional Director has filed its Report dated 24th March 2022 (“Report”) praying that this Tribunal may pass such orders as it thinks fit, save and except as stated in Paragraphs IV (a) to (l). The observations of the Regional Director, the reply of the Petitioner Company in its affidavit dated 25th March 2022 and the response of the Regional Director in its Supplementary Report dated 25th March 2022 (“Supplementary Report”) are set out in tabular format below:
| Sr No of Paragraph IV | Observations in Report dated 24th March 2022 filed by the Regional Director | Reply of Petitioner Company in its Affidavit dated 25th March 2022 | Response of the Regional Director in Supplementary Report dated 25th March 2022 |
| (a) | In compliance of AS- 14 (IND AS-103), the Petitioner Companies shall pass such accounting entries which are necessary in connection with the scheme to comply with other applicable Accounting Standards such as AS-5 (IND AS-8) etc. | In so far as the observation made in paragraph IV (a) of the Report of the Regional Director is concerned, the Petitioner Company undertakes that it will pass accounting entries in compliance with applicable accounting standards as notified by the Companies (Indian Accounting Standards) Rules, 2015. | Reply of the petitioners Companies appears to be Satisfactory. |
| (b) | The Petitioners under provisions of section 230(5) of the Companies Act, 2013 have to serve notices to concerned authorities which are | As far as the observation made in paragraph IV (b) of the Report of the Regional Director is concerned, the Petitioner Company states that notices have been issued to the concerned authorities | Reply of the petitioners Companies appears to be Satisfactory. |
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| likely to be affected by | under Section 230(5) of the |
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| Compromise or | Companies Act, 2013. | ||
| arrangement. | Necessary compliance | ||
| Further, the approval | reports dated February 26, | ||
| of the scheme by this | 2022 has been filed by the | ||
| Hon'ble Tribunal may | Petitioner Company before | ||
| not deter such | this Hon’ble Tribunal in that | ||
| authorities to deal | regard. The Petitioner | ||
| with any of the issues | Company confirms that the | ||
| arising after giving | mere sanction of the Scheme | ||
| effect to the scheme. | will not prevent the | ||
| The decision of such | authorities from making any | ||
| Authorities is binding | decisions, as per applicable | ||
| on the Petitioner | law and any such decision of | ||
| Company(s). | such authorities if taken, will | ||
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| be dealt with as per | ||
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| applicable law. | ||
| (c) | The Hon'ble NCLT | As far as the observation | Reply of the |
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| may kindly direct to | made in paragraph IV (c) of | petitioners |
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| the Petitioners to file | the Report of the Regional | Companies appears |
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| an undertaking to the | Director is concerned, the | to be Satisfactory. |
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| extent that the Scheme | Petitioner Company |
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| enclosed to the | confirms that the Scheme |
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| Company Application | enclosed to the Company |
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| and the scheme | Scheme Application and |
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| enclosed to the | Company Scheme Petition |
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| Company Petition are | are one and the same and |
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| one & same and there |
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| is no discrepancy or deviation. | there is no discrepancy / change(s) made. |
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| (d) | As per Definition of the Scheme, "Appointed Date" means 31 March, 2022 or such other date as may be determined by the Board of the Parties; The Petitioner Companies has proposed prospective “Appointed Date” i.e. 31st March 2022 which shall not allowed by the Hon’ble Tribunal, Petitioner Companies shall undertake to determine the “Appointed Date” prior to present date or sanction date of the Scheme. "Effective Date" means the day on which last of the | As far as the observation made in paragraph IV (d) of the Report of the Regional Director is concerned, the Petitioner Company submits that the present Scheme is in compliance with the requirements of circular no. F.No.7/12/2019/CL-I dated 21.08.2019 issued by the Ministry of Corporate Affairs. | Petitioner Companies shall undertake to determine the Appointed Date prior or Sanction Date of the Scheme.
It cannot be prospective date. |
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| conditions specified in Clause 16 (Conditions Precedent) of this Scheme are complied with or otherwise duly waived; Reference in this Scheme to the date of "coming into effect of this Scheme" or "effectiveness of this Scheme" or "effect of this Scheme" or "upon the Scheme becoming effective" shall mean the Effective Date; Further, the Petitioners may be asked to comply with the requirements and clarified vide circular no. F. No. 7/12/2019/CL-l dated 21.08.2019 issued by the Ministry of Corporate Affairs. |
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| (e) | As per Clause 13 of the Scheme, ACCOUNTING TREATMENT RIL and RSL shall comply with the generally accepted accounting practices in India, provisions of the and accounting standards as notified by Companies (Indian Accounting Standards) Rules, 2015 as amended from time to time, in relation to the transactions in the Scheme including but not limited, to the following: In the books of RIL: Upon this Scheme coming into effect, RIL shall account for the transaction in its | As far as the observation made in paragraph IV (e) of the Report of the Regional Director is concerned, the Petitioner Company submits that the accounting principles as prescribed under the Companies (Indian Accounting Standards) Rules, 2015 as notified under Section 133 of the Companies Act, 2013 are applicable to the Petitioner Company and the Petitioner Company undertakes that it shall comply with the same to the extent applicable. Further, the Petitioner Company undertakes that the difference between the book value of assets and liabilities of the Gasification Undertaking, as on the Appointed date, transferred to the Transferee Company, as reduced by consideration received/ receivable by the | Reply of the petitioners Companies appears to be Satisfactory. |
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| books of account in the following manner:
consideration | Petitioner Company from the Transferee Company, if any, shall be debited/ credited, as the case may be, to the statement of profit and loss of the Petitioner Company. Further, the Petitioner Company states that in terms of the Scheme, the difference between the book value of assets and liabilities, so recorded in the books of the Transferee Company, as reduced by consideration paid/ payable by the Transferee Company to the Petitioner Company, if any, shall be debited/ credited to the capital reserve account of the Transferee Company and such Capital Reserve shall not be available for distribution of dividend. |
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| received/ receivable by RIL from RSL, if any, shall be debited/ credited, as the case may be, to the statement of profit and loss of RIL. In the books of RSL: Upon this Scheme coming into effect, RSL shall account for the transaction, in its books of account in the following manner: i. With effect from the Appointed Date, RSL shall record all assets and liabilities of the Gasification Undertaking transferred to it in pursuance of this Scheme at their respective book values as appearing in the books of RIL as |
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| on the Appointed Date; and ii. Difference between the book value of assets and liabilities, so recorded in the books of RSL, as reduced by consideration paid/ payable by RSL to RIL, if any, shall be debited/ credited to the capital reserve account of RSL. Petitioner Companies have to undertake that the surplus / deficit shall be adjusted to Capital Reserve Account. Further Petitioner Companies have to undertake that reserves shall not be available for distribution of dividend. |
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| (f) | Petitioner Transferor Company has foreign shareholders, Hence Petitioner Transferor Company shall undertake to comply with guidelines of RBI, FEMA and FERA. | As far as the observation made in paragraph IV (f) of the Report of the Regional Director is concerned, the Petitioner Company submits that it will ensure necessary compliance under the FEMA Regulations, RBI Guidelines, and FERA. | Reply of the petitioners Companies appears to be Satisfactory. |
| (g) | Observation letter and Complaint Report received from NSE and BSE dated 17.01.2022, Hence Petitioner Transferor Company shall undertake to comply the same. | As far as observation made in paragraph IV (g) of the Report of the Regional Director is concerned, the Petitioner Company submits that it has complied with the observation letter received from BSE Limited and the National Stock Exchange of India Limited dated January 17, 2022. Further, the Petitioner Company submits that it has filed necessary complaint report with BSE Limited and the National Stock Exchange of India Limited dated December 24, 2021 and December 30, 2021, | Hon’ble Tribunal may consider the aforementioned reply submitted by the Petitioner Company and decide the matter on the merit. |
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| respectively, which states that there are NIL complaints against the Scheme.
Further, the Petitioner Company undertakes to comply with the requirements of the stock exchanges, as per applicable law. |
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| (h) | Petitioner Companies | As far as observation made | Hon’ble Tribunal | |||||
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| undertake to | obtain | in paragraph IV (h) of the | may consider the | ||||
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| NOC from Income tax | Report | of | the | Regional | aforementioned | ||
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| department, | if | Director is concerned, the | reply submitted by | ||||
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| applicable. | Petitioner Company states | the Petitioner | |||||
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| that the Income Tax | Company and | |||||
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| Authority concerned have | decide the matter on | |||||
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| already filed their no- objection with the Hon’ble | the merit. | |||||
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| Tribunal. A copy of the said |
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| no-objection letter issued by |
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| the Income Tax Authority |
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| concerned is annexed hereto |
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| and marked as Exhibit A. |
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| (i) | The Registered Office of the Petitioner Transferee Company | As far as the observation made in paragraph IV (i) of the Report of the Regional | Reply of petitioners | the | ||||
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| is situated in the state | Director is concerned, the | Companies appears |
| of Ahmadabad and | Petitioner Company states | to be Satisfactory. | |
| falls within the | that the Transferee |
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| jurisdiction of this | Company has filed the |
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| Hon'ble NCLT, | Company Scheme |
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| Ahmadabad Bench, | Application and the |
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| hence Companies | Company Scheme Petition |
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| shall undertake to | with the Hon’ble NCLT |
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| obtain approval from | Ahmedabad Bench for its |
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| Hon’ble NCLT | approval. |
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| Ahmadabad Bench. |
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| (j) | Petitioner Companies | As far as the observation | Hon’ble Tribunal |
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| shall undertake to | made in paragraph IV (j) of | may decide the |
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| provide detailed | the Report of the Regional | matter on its merit. |
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| valuation report from | Director is concerned, the |
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| Registered Valuer on | Petitioner Company states |
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| this Scheme for | that in consideration for the |
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| determining | Slump Sale of the |
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| consideration for this | Gasification Undertaking, |
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| Scheme of | the Transferee Company |
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| Arrangement. | shall pay a lump sum |
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| consideration equal to the |
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| carrying value of |
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| Gasification Undertaking, |
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| calculated as the difference |
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| between the book value of |
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| assets and the book value of |
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| the liabilities of the |
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| Gasification Undertaking, as appearing in the books of the Petitioner Company on the Appointed Date. Further, the Appointed Date of the Scheme is March 31, 2022, which is a prospective date.
Further, the Gasification Undertaking is being transferred from RIL to RSL, a wholly owned subsidiary of the Transferor Company, and no shares are proposed to be issued pursuant to the Scheme. There will be no change in the shareholding of the Transferor Company and RSL pursuant to the Scheme and hence there is no requirement for obtaining a valuation report in terms of the SEBI Master Circular dated 23 November 2021 on Scheme of Arrangements. |
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| (k) | Petitioner Companies shall undertake to | As far as the observation made in paragraph IV (k) of | Hon’ble Tribunal may consider the |
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| provide list/ details of Assets and Liabilities being transferred by the Transferor Company to Transferee Company | the Report of the Regional Director is concerned, the Petitioner Company has annexed an indicative list of assets and liabilities being transferred by the Transferor Company to Transferee Company, as Exhibit B. | aforementioned reply submitted by the Petitioner Company and decide the matter on the merit. |
| (l) | STATUS OF ROC | As far as observation made | Hon’ble Tribunal |
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| REPORT: - | in paragraph IV (l) of the | may consider the |
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| ROC, Mumbai Report | Report of the Regional | aforementioned |
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| dated 22.03.2022 has | Director is concerned, the | reply submitted by |
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| inter alia mentioned | Petitioner Company states | the Petitioner |
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| that there are no | that: | Company and |
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| prosecution, no |
| decide the matter on |
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| technical scrutiny, no inquiry, no inspection |
| the merit. |
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| pending against |
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| Petitioner |
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| Companies. |
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| Further mentioned |
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| that: |
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| 1. Transferor | The registered office of the |
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| Company is situated | Petitioner Company is |
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| at Mumbai in the state | situated in Mumbai, |
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| of Maharashtra and | Maharashtra, which falls |
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| falls within the | under the jurisdiction of this |
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| jurisdiction of this | Hon’ble Tribunal. |
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| Hon'ble NCLT, |
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| Mumbai Bench. | |||
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| 2. There are various | The Petitioner Company | |
| complaints pending | will not be dissolved | ||
| against Transferor | pursuant to the Scheme and | ||
| Company relating to | the complaints pending | ||
| share certificate, | against the Petitioner | ||
| Bonus Share, | Company will be dealt in | ||
| Dividend | ordinary course. The | ||
| Warrant/Interim | approval to the Scheme by | ||
| Warrant, Corporate | this Hon’ble Tribunal will | ||
| Fraud and Serious | not affect such pending | ||
| Complaints & | complaints. | ||
| Miscellaneous in |
| ||
| nature mostly. |
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| 3. Transferor | The Petitioner Company has | |
| Company authorized | provided details of its | ||
| Capital and paid | Authorised and Paid-up | ||
| capital is | capital as on November 24, | ||
| Rs.150,00,00,00,000/- | 2021 in the Scheme. Post | ||
| and Rs. | November 24, 2021, the | ||
| 676,50,92,78,02.5/- | Petitioner Company has | ||
| respectively as per the | allotted 24,000 equity shares | ||
| master data which | of Rs.10 each aggregating to | ||
| does not match with | Rs.2,40,000 under the | ||
| scheme. | Employee Stock Option | ||
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| Scheme. Further, pursuant to | ||
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| calls made by the Board of |
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| Directors of the Petitioner |
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| Company, | |||
| Rs.210,59,75,515/- (Rupees | |||
| Two Hundred Ten Crore | |||
| Fifty Nine Lakh Seventy | |||
| Five Thousand Five hundred | |||
| Fifteen only) was received | |||
| towards call money from the | |||
| shareholders on the equity | |||
| shares allotted to them on | |||
| rights basis. Accordingly, | |||
| the Petitioner Company has | |||
| appropriated | |||
| Rs.210,62,15,515/- towards | |||
| paid up capital. The paid up | |||
| capital after considering | |||
| 24,000 shares allotted under | |||
| the Employee Stock Option | |||
| Scheme and call money of | |||
| Rs.210,59,75,515 as | |||
| aforesaid is | |||
| Rs.6765,09,27,802.50 which | |||
| matches with the records of | |||
| Ministry of Corporate | |||
| Affairs | |||
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| 4. Since the | The Transferor Company | |
| Transferor Company | has received observation | ||
| is a Listed Company, | letter dated January 17, 2022 |
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| they may be directed to give notice to SEBI & Stock Exchange & obtain permission from SEBI & Stock Exchange. | from NSE and BSE. In terms of the observation letters, SEBI and NSE have waived their right to receive notice under Section 230(5) of the Companies Act, 2013. Only BSE Limited had requested the Petitioner Company to effect service upon BSE Limited the notice pursuant to Section 230(5) of the Companies Act, 2013. In view thereof, the Petitioner Company has served notice under Section 230(5) of the Companies Act, 2013 upon BSE Limited. |
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| 5. Form CAA-3 is required to be issued to CCI (Rule 8(ii) & obtain permission from CCI. | The present Scheme is exempt from the requirement to obtain approval of the Competition Commission of India (“CCI”), in terms of the Competition Commission of India Act, 2002 read with applicable regulations. Accordingly, the requirement to issue Form |
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| CAA-3 to CCI and obtain its |
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| approval for the present | |||
| Scheme does not arise. | |||
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| 6. There are 179 | The Petitioner Company | |
| complaints against | will not be dissolved | ||
| the Transferor | pursuant to the Scheme and | ||
| Company RELIANCE | the complaints pending | ||
| INDUSTRIES | against the Petitioner | ||
| LJMTTED out of | Company will be dealt in | ||
| them, 37 complaints | ordinary course. The | ||
| are opens against the | approval to the Scheme by | ||
| Transferor company, | this Hon’ble Tribunal will | ||
| 4 complaints are | not affect such pending | ||
| related to share | complaints. | ||
| certificate, 3 |
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| complaints pertains to |
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| Bonus share related, |
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| Dividend Warrant |
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| /Interim warrant |
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| related 1 complaint |
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| and Corporate fraud |
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| and 3 serious |
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| complaints and |
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| remaining 26 |
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| complaints are |
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| miscellaneous in |
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| nature mostly related |
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| to nonreceipt of share |
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| certificate/share |
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| transfer certificate. | |||
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| 7. Necessary Stamp | The Petitioner Company | |
| Duty on transfer of | will lodge a copy of this | ||
| property/Assets is to | Order along with the | ||
| be paid to the | Scheme duly | ||
| respective Authorities | authenticated/certified by | ||
| before | the Deputy Director or the | ||
| implementation of the | Assistant Registrar, National | ||
| Scheme. | Company Law Tribunal, | ||
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| Mumbai Bench, with the | ||
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| concerned Superintendent of | ||
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| Stamps for the purpose of | ||
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| adjudication of stamp duty | ||
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| payable, on transfer of | ||
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| property/ assets, as per | ||
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| applicable law. | ||
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| 8. Interest of the | The Transferor Company | |
| Creditors should be | conducted meetings of its | ||
| protected. | secured and unsecured | ||
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| creditors on 9th March 2022. | ||
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| The secured and unsecured | ||
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| creditors have approved the | ||
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| scheme with 99.9019% (in | ||
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| value) and 99.0631% (in | ||
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| value) votes in favour of the | ||
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| Scheme, respectively. | ||
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| Chairperson’s Report in this |
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| regard has been filed on 10th |
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| March 2022. Upon the | |||
| Scheme becoming effective, | |||
| the creditors of the Petitioner | |||
| Company will be paid in | |||
| ordinary course, as per | |||
| applicable law. | |||
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| Hon'ble NCLT may | - | |
| kindly direct the |
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| Transferor Company |
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| to submit the reply on |
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| the observations |
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| pointed out by ROC, |
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| Mumbai in their |
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| report and decide the |
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| matter on merits. |
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14. The Regional Director in the Supplementary Report has stated that the Petitioner Companies shall undertake to determine the Appointed Date prior to Sanction Date of the Scheme. It cannot be prospective date. In view of the aforesaid observation of the Regional Director in the Supplementary Report, Learned Counsel for the Petitioner Company hereby informs that the Appointed Date of the Scheme will be 31st March 2022 and further states that, the Scheme will be made effective on or after the Appointed Date i.e. 31st March 2022 and not on a prior date.
15. The Regional Director has not raised any other objections or dealt with any of the responses of the Petitioner Company other than as set out above. Learned Counsel for the Petitioner Company submits that it is apparent that the Regional Director is satisfied with the responses provided.
16. From the material on record, the Scheme annexed as Exhibit A-1 to the Company Scheme Petition appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to public policy.
17. Since all the requisite statutory compliances have been fulfilled, the said Company Scheme Petition is made absolute in terms of the prayer clauses 34 (a) to 34 (f) thereof.
18. The Scheme is hereby sanctioned, with the Appointed Date fixed as 31st March 2022.
19. The Petitioner Company is directed to file a copy of this Order along with a copy of the Scheme with the concerned Registrar of Companies, electronically in e-form INC – 28 within 30 days from the date of receipt of the certified copy of this Order by the Petitioner Company.
20. The Petitioner Company to lodge a copy of this Order along with the Scheme duly authenticated/certified by the Deputy Director or the Assistant Registrar, National Company Law Tribunal, Mumbai Bench, with the concerned Superintendent of Stamps for the purpose of adjudication of stamp duty payable, if any, within 60 days from the date of receipt of the certified order from the Registry of this Tribunal or within 60 days from the date of receipt of the certified Order from the Registry of the National Company Law Tribunal, Ahmedabad Bench, whichever is later.
21. All concerned regulatory authorities to act on a copy of this Order along with Scheme duly certified by the Deputy Director or the Assistant Registrar, National Company Law Tribunal, Mumbai Bench.
22. Any person interested is at liberty to apply to this Tribunal in the above matters for any directions that may be necessary.
23. Any concerned Authorities are at liberty to approach this Tribunal for any further clarification as may be necessary.
24. Ordered accordingly. File to be consigned to records.
