9911796707
TMI Blog2007 (6) TMI 293X X X X Extracts X X X X X X X X Extracts X X X X ..... red office of the said company is situated at Bombay seeking sanction of the present scheme of amalgamation and the Bombay High Court, vide order dated 4-5-2007, has sanctioned the scheme of amalgamation. Shubhlaxmi Polyesters Ltd. (transferee company) filed Company Application No. 44 of 2007, for dispensing with the meeting of equity shareholders, which came to be granted vide order dated 2-2-2007, passed by this court in the said Company Application No. 44 of 2007. Shubhlaxmi Industries Ltd. (transferor company) also filed Company Application No. 43 of 2007, seeking dispensation with the meeting of equity shareholders, unsecured creditors and secured creditors and this court vide order dated 2-2-2007, in the said company application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... apital of the transferor company and the insistence is made to increase the authorised capital as per the provisions of sections 94 and 97 read with Schedule X to the Companies Act, 1956. 8. I have heard Mrs. Pahwa, learned counsel appearing for all the companies as well as Mr. Harin P. Raval, learned Assistant Solicitor General of India on the point raised by the Central Government as indicated hereinabove. As such, in view of the decision of this court (coram : K.J. Puj, J.) in Company Petition No. 41 of 2005 [ Bazley Finvest Ltd., In re [2005] 64 SCL 480 (Guj.)], similar objections by the Central Government in view of the reasons recorded by this court at paragraph 16 in the said decision, came to be rejected mainly on the ground th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he extent of the stamp duty already paid by the transferee company as well as the transferor company, whose share capital is merged into the capital of the transferee company. 11. The attempt on the part of the learned Assistant Solicitor General, Mr. Raval to contend that if there is any statutory provision requiring the payment of stamp duty, may be for second time, cannot be allowed to go away, merely because by agreement, the two companies have resolved to amalgamate, cannot be accepted for the simple reason that as such, by statutory fiction once the sanction is granted by this court, not only the inter se rights get affected, but the companies stand amalgamated, resulting in lawful consequence as it may accrue by statutory ficti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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