2008 (3) TMI 484

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..... e amount of cost directly by drawing a cheque in favour of Central Government standing counsel Mr. Iqbal Sheikh.
K.A.PUJ, J. Mrs. Sangeeta N. Pahwa and Nazrin Pahwa for the Petitioner. Harin P. Raval and Iqbal A Shaikh for the Respondent. JUDGMENT (ORAL JUDGMENT) K.A. Puj, J.-- All these petitions are filed by the petitioner for sanctioning scheme of amalgamation of four transferor companies with one transferee company. Since common issue is involved in all the five petitions, they are being disposed of by this common judgment. Bharatsinh Chudasama Film P. Ltd., Chander Exhibitors P. Ltd., Dharam Cinema P. Ltd., and Rajshri Wood Fields P. Ltd., are the transferor companies and R World Leisure Ltd., is the transferee company. All the .....

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..... company") filed Company Petition No. 177 of 2007 seeking sanction of the scheme. The transferor company filed Company Application No. 373 of 2007 seeking dispensation of the meetings of the equity shareholders and unsecured creditors. This court, vide order dated September 6, 2007, made in Company Application No. 373 of 2007, dispensed with the meetings of the equity shareholders and unsecured creditors. Rajshri Wood Fields P. Ltd. ("transferor company") filed Company Petition No. 178 of 2007 seeking sanction of the scheme. The transferor company filed Company Application No. 376 of 2007 seeking dispensation of the meetings of the equity shareholders and unsecured creditors. This court, vide order dated September 6, 2007, made in Company .....

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..... s, it is submitted that the petitioner has submitted latest available balance-sheet as at March 31, 2007. Latest financial statements as on February 29, 2008, are produced before the court in respect of each of these companies. The second observation pertains to utilisation of the authorised capital of the transferor companies by the transferee company. In response to this, it is submitted that the scheme does not provide for any clause regarding utilisation of the authorised capital of the transferor companies by the transferee company. Without prejudice, in view of the judgment of this hon'ble court in the case of Bazley Finvest Ltd., In re [2005] 64 SCL 480 , in Company Petition No. 41 of 2005 with Company Petition No. 42 of 2005 with Co .....

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