9911796707
TMI Blog2007 (12) TMI 282X X X X Extracts X X X X X X X X Extracts X X X X ..... Ms. M. Bhuteria for the Petitioners. N.C. Chatterjee, L.K. Chatterjee and R.S. Bose for the Respondent. JUDGMENT Sanjib Banerjee, J. The above petition coming on for hearing on this day upon reading the said petition the order dated March 29, 2007, whereby convening the meetings of the shareholders of the abovenamed petitioner-company No. 1. Celica Developers P. Ltd. (hereinafter referred to as "the said Celica"), the abovenamed petitioner-company No. 2 Micro-firm Software P. Ltd. (hereinafter referred to as "the said Microfirm") and the abovenamed petitioner-company No. 3 Glacier Farms P. Ltd. (hereinafter referred to as "the said Glacier") were ordered to dispense with, for the ... purpose of... considering and if th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a sale or may or may not entitle the said companies concerned to avail of the benefits under the Income-tax Act, but there is no violation of any provisions. And it does not appear that the issuance of shares by the said Glader to the said Celica and Microfirm is not permissible and since the said petitioner-companies give assurance before this court that the employees would remain unaffected and continue with the said Celica and the said Microfirm notwithstanding the transfer of investment divisions and further submit before this hon'ble court that the substantial business remains with the said Celica and the said Microfirm. And in view of the matter that particularly as the employees have not stepped forward to object the said scheme. An ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lating to their respective "outgoing business undertakings" therein but subject nevertheless to all charges now effecting the same ; and (2) That all the debts, inabilities, duties and obligations of the said Celica and Microfirm relating to their respective "outgoing business under takings" be transferred from the said appointed date without further act or deed to the said Glacier and accordingly the same shall pursuant to section 394(2) of the Companies Act, 1956, be transferred to and become the debts, liabilities, duties and obligations of the said Glacier; and (3) That all proceedings and/or suits and/or appeals now pending by or against the said Celica and Microfirm relating to their respective "out going business undertakings" sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
