9911796707
TMI Blog2008 (3) TMI 488X X X X Extracts X X X X X X X X Extracts X X X X ..... J. Sandeep Singhi for the Petitioner. Harin P. Raval Assistant Solicitor General of India for the Central Government. JUDGMENT 1. The present company petition is filed for sanctioning the arrangement embodied in the scheme of amalgamation of Zydus BSV Research and Development (P.) Ltd. (transferor-company) with Zydus BSV Pharma (P.) Ltd. (transferee-company) whereby the undertaking of the transferor-company (as defined in the scheme) shall stand transferred to and vested in the transferee-company on the terms and conditions as stated in the scheme of amalgamation and whereby all the assets and liabilities of the transferor-company would be transferred to the transferee-company on the terms and conditions, as stated i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. Harin Rawal, learned Assistant Solicitor General of India appearing for the Central Government. In the said affidavit, it is stated that the petitioner-company be directed to submit its latest financial statements before this Court. Mr. Sandeep Singhi, learned advocate appearing for the petitioner, has submitted that the audited balance-sheet as on March 31, 2007, is placed on record. He has further placed on record the provisional balance-sheet as on 29-2-2008. There is no material difference between the figures given in the audited balance-sheet as on 31-3-2007, as well as provisional balance-sheet as on 29-2-2008. Mr. Rawal has also submitted that except this, there is no other objection, raised by the Deputy Registrar, Registrar of C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he shareholding pattern. While commenting on the observations made by the chartered accountant, the Official Liquidator has stated that the stamp duty of Rs. 9,800 was not paid on share certificates, issued by the company on 17-7-2006. Non-payment of stamp duty on share certificates may not amount to conducting the affairs of the company in a manner which can be said to be against the public interest. At the most, non-payment of stamp duty on share certificates would invalidate the share certificates but not the allotment of shares. Even otherwise, from material point of view also, the amount involved was Rs. 9,800 only which has also been, in fact, paid by the company on 21-3-2008. The Official Liquidator has, therefore, observed in his re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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