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Issues involved: Application for sanction of a Scheme of Arrangement u/s 391 to 394 of the Companies Act, 1956 between two companies and their shareholders.
Summary: The petition sought sanction under Section 391 to 394 of the Companies Act, 1956 for a Scheme of Arrangement between a Demerged Company and a Resulting Company. The petitioners confirmed compliance with court directions and filed necessary affidavits. The Regional Director's affidavit stated that the Scheme, except for a specific compliance requirement, did not appear prejudicial to shareholders or the public. The Resulting Company undertook to fulfill the specified requirements. Upon review, the Court found the Scheme fair, reasonable, compliant with the law, and not opposed by any concerned parties. The Court, noting all statutory compliances were met, made the Company Scheme Petitions absolute. The petitioners were directed to lodge the order and Scheme for stamp duty adjudication within 60 days. Additionally, they were ordered to pay costs to the Regional Director within 6 weeks. The filing and issuance of the order were dispensed with, and all relevant authorities were instructed to act on the order and authenticated Scheme.
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