9911796707
TMI Blog2004 (4) TMI 309X X X X Extracts X X X X X X X X Extracts X X X X ..... rivate Limited Company having its office at Administrative Building, Morarjee Mills Compound, Parel, Mumbai. The authorised, issued and subscribed and paid up share capital of the petitioner-company, based on last Audited balance sheet for the year ended 31st March, 2003, read with the authorised, issued, subscribed and paid up share capital of the transferee company, as per the balance sheet for the year ended 31st March, 2003 and transferee-company s Audited financial results quarter ending 31st December, 2003 are part of record. The Petitioner-Company is wholly owned subsidiary of Transferee-company. 3. As per the objects of the respective companies, both the Companies have decided to merge and amalgamate with effect from 1st April, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is based on the judgment passed by this Hon ble High Court in Mahamba Investment Ltd. v. IDI Ltd. [2001] 105 Comp. Cas. 16. Thereby filing of separate application by the transferee-company was also dispensed with. Considering the scheme, as well as, the purpose of scheme of Amalgamation in question and, as the interest of the unsecured creditors of the petitioner-company, as well as, transferee company is not affected and, as all necessary care has been taken in respect of the debts, duties, obligations and liabilities of the respective companies including taking over all of the assets, and as the transferee-company is in a sound financial position and the assets of both the companies are far in excess of their liabilities, such scheme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot prejudicial to the interest of the creditors and shareholders, thereby submitted their no objection to the sanction of the scheme of amalgamation in question, and even during the hearing of the present petition also. The Official Liquidator, by its report, dated 7th April, 2004, after scrutinising the Auditors/Chartered Accountants report, submitted that the affairs of the Transferor-Company namely M/s. Sarabhai Pirmal Pharmaceuticals Pvt. Ltd. have not been conducted in a manner prejudicial to the interest of its member or public interest. Thereby there is no objection even from the Official Liquidator. No other objection or any adverse material placed or pointed out by any parties. The matter was called out and parties were heard. Cons ..... X X X X Extracts X X X X X X X X Extracts X X X X
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