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2016 (8) TMI 615 - HC - Companies LawScheme of Amalgamation allowed. All the Transferor Companies shall be dissolved without being wound up. There are no investigation proceedings pending against them under Sections 235 to 251 of the Act. The Scheme of Amalgamation shall be binding on the Petitioner- Transferor and Transferee Companies, their respective Shareholders, Creditors and all concerned. Let formal order of sanction of the Scheme of Amalgamation be drawn in accordance with law and its certified copy be filed with the Registrar of Companies within 30 days from the date of receipt thereof. A notice of the order be published in Financial Express (English) and Punjab Kesri (Hindi), both Punjab Edition and in the Official Gazette of Government of Punjab. Any person interested shall be at liberty to apply to the Court for any direction(s) as per law.
Issues:
Sanctioning of Scheme of Amalgamation under Sections 391 to 394 of the Companies Act, 1956. Analysis: The petitioners, consisting of multiple companies, sought approval for a 'Scheme of Amalgamation' involving the transfer of assets and liabilities to a designated Transferee Company. The petition was filed jointly by all the Petitioners-Companies under Sections 391 to 394 of the Companies Act, 1956. Meetings of Shareholders and Creditors were dispensed with by an order dated 25.01.2016. Analysis: Following the order, notices were issued to the Regional Director, Ministry of Corporate Affairs, Noida, and the Official Liquidator. The publication of the notice was ordered in 'Financial Express' and 'Punjab Kesri,' along with the Official Gazette of the Government of Punjab and the website of the Official Liquidator. An affidavit of publication was filed on 15.3.2016. Analysis: The Official Liquidator submitted a report stating that the Scheme of Amalgamation was in the interest of shareholders and stakeholders, with no prejudice to creditors, banks, employees, or the public. The Regional Director, Ministry of Corporate Affairs, also had no objections to the Scheme, except for the fulfillment of pending tax liabilities as per the Income Tax Department's recommendation. Analysis: The Scheme provided for the transfer of debts, liabilities, taxes, and obligations of the Transferor Companies to the Transferee Company upon the Scheme's coming into effect. The Petitioner-Companies confirmed the absence of any investigation proceedings against them under relevant sections of the Act. Analysis: Considering all relevant facts, procedural requirements, reports of the Regional Director, Ministry of Corporate Affairs, and the Official Liquidator, the High Court sanctioned the Composite Scheme of Amalgamation. The Assets and Liabilities of the Transferor Companies would vest in the Transferee Company, leading to the dissolution of the Transferor Companies without winding up. Analysis: The Scheme of Amalgamation was deemed binding on the Petitioner-Transferor and Transferee Companies, their Shareholders, Creditors, and all concerned parties. A formal order of sanction was to be drawn and filed with the Registrar of Companies within 30 days, with a notice of the order to be published in specified publications. Interested parties were given the liberty to apply for any necessary directions. Analysis: The Petitioner-Companies agreed to deposit a sum in the Common Pool Fund Account of the Official Liquidator, which was accepted by the Court, leading to the disposal of the matter accordingly.
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