COMP/135/2011 16/49 ORDER valuation undertaken by an independent valuer. Furthermore, the Regional Director has also not raised any objection on this count and has found, after examining the report of the independent valuer, the said decision proper in the facts of the case and the Regional Director has not raised any objection or not offered any adverse comment. The concerned Stock Exchanges i.e. Bombay Stock Exchange and National Stock Exchange have also not found the said decision objectionable. On the other hand the shareholder has not placed any material, data or details on record to demonstrate as to how the determination of exchange ratio is improper, unjustified and unsustainable and he has also not placed any material, data or details to suggest proper ratio i.e. what could be proper exchange ratio having regard to the valuation and the financial and economical aspects and details of both companies as well as the market related position. Therefore, in background of such facts, any base or cause for interference by the Court is not available. Nonetheless, the clarification and directions contained in present order particularly the requirement to forward a copy of present order to the competent authority in Income-tax Department and also to the Enforcement Directorate would take care of the said aspect and if any irregularity is noticed, the said authorities would submit their objections. 4.8. On this count, having regard to the decision of the Apex Court in the case of Miheer H. Mafatlal v. Downloaded on : Fri Jan 27 19:33:28 IST 2023