Appellate authority sets aside BIFR order on BHEL arm merger

Bharat Heavy Electricals Ltd said that the Board for Industrial & Financial Reconstruction (BIFR) had on August 29, 2013, sanctioned the modified scheme envisaging the merger of Bharat Heavy Plate & Vessels Ltd (BHPV) with itself. In a filing to the BSE, BHEL said the BIFR order was filed with the Registrar of Companies at Hyderabad and Delhi on August 30, 2013, the date of the merger. However, on Saturday, BHEL received a certified copy of order of the Appellate Authority for Industrial & Financial Reconstruction (AAIFR) on appeals made by BHPV Officers’ Association, BHPV U/V Series (Ex-Trainee) and BHPV Retired & VR Employees Welfare Society setting aside the BIFR order and remanding the matter back to BIFR with certain directions. BHEL informed the exchange that it was in the process of examining the AAIFR order. ref: http://www.thehindubusinessline.com/companies/appellate-authority-sets-aside-bifr-order-on-bhel-arm-merger/article6279352.ece