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Issues involved:
Petitions under sections 391 to 394 of the Companies Act, 1956 seeking sanction of a scheme of amalgamation for two companies. Detailed Analysis: 1. Petition for Sanction of Scheme of Amalgamation: The petitions were filed by two companies, one as the transferor company and the other as the transferee company, seeking sanction of a scheme of amalgamation under sections 391 to 394 of the Companies Act, 1956. Both companies sought approval for the scheme to be binding on them, their shareholders, and creditors. 2. Consent of Shareholders and Creditors: The counsel for the petitioner-companies informed the court that the shareholders and creditors of both companies had consented to the scheme of amalgamation. The court had previously dispensed with the requirement of holding meetings of the shareholders and creditors for considering the scheme, as evidenced by separate orders produced before the court. 3. No Objection from Regional Director and Official Liquidator: The Regional Director and the Official Liquidator expressed no objection to the grant of sanction for the scheme of amalgamation. The Official Liquidator submitted a report in support of the petitions, indicating no adverse findings or objections. 4. Publication and Opposition: Newspaper publication of the petitions was carried out as directed by the court, with notices published in leading newspapers. No opposition was raised against the petitions during the proceedings. 5. Benefits of Amalgamation: The counsel for the petitioners highlighted the advantages of the proposed amalgamation, emphasizing that it would facilitate synergies in customer offerings under unified management. The consolidation of business operations was expected to enhance the transferee company's value proposition, streamline administrative processes, reduce expenses, optimize resource utilization, and improve overall efficiency and control of the companies. 6. Order of the Court: After considering the submissions and facts of the case, the court was satisfied that the scheme of amalgamation would be beneficial for both companies. Consequently, the court sanctioned the scheme of amalgamation, ordered the dissolution of the transferor company without winding up, directed the preparation of a decree in Form No. 42, and instructed the petitioners to file a copy of the order with the Registrar of Companies within 30 days. The court allowed the petitions accordingly, bringing the matter to a conclusion. This detailed analysis outlines the key aspects and decisions of the judgment regarding the petitions for sanction of a scheme of amalgamation under the Companies Act, 1956, providing a comprehensive overview of the legal proceedings and outcomes.
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