2007 (3) TMI 740 - HC - Companies Law

Summary

Issues involved: Sanction of a scheme of demerger u/s 391 to 394 of the Companies Act, 1956.

Details of the Judgment:

Issue 1: Consent of Shareholders
In Company Petitions 68 and 69 of 2007 by the transferor, 99.9% of equity shareholders gave their consents. In the case of the second transferor and the transferee, consents of equity shareholders were obtained. The Court was informed that all necessary consents were obtained, and no objections were raised. The Regional Director confirmed that all requisitions were met, and there was no objection to the scheme being sanctioned.

Issue 2: Statutory Compliances
All necessary statutory compliances were fulfilled, and there were no reasons to deny the sanction of the proposed scheme. Therefore, Company Petitions 68, 69, and 70 were made absolute in terms of the prayer clauses, except for a specific portion in one of the clauses.

Costs and Orders
The Petitioner was directed to pay costs to the Regional Director and the Official Liquidator. The filing and issuance of the drawn-up order were dispensed with, and all relevant authorities were instructed to act upon an authenticated copy of the order issued by the Court's office.