9911796707
TMI Blog2009 (11) TMI 505X X X X Extracts X X X X X X X X Extracts X X X X ..... on of Ganesh Synthetics Private Limited (Transferor Company No. 1), Abhinav Investments Private Limited (Transferor Company No. 2), Ginni Power Limited (Transferor Company No. 3), Goodworth Merchants Private Limited (Transferor Company No. 4), with Ginni Filaments Limited, Transferee Company. 2. The present petition seeks a sanction of scheme of arrangement in terms of which the transferor com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. The other facts are that scheme of amalgamation was initially approved by the Board of Directors of the Transferor Companies and Transferee Company on 19-12-2007. After getting approval from various quarters, the Company Application No. 18 of 2008 was filed before this Court on 30-7-2008 and on 1-8-2008. This Court passed an order for the convening of meeting of the shareholders, secured cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a condition that the company must comply with the accounting methods as provided in accounting standard 14, no other objection has been taken by the Regional Director. 8. The Official Liquidator has also filed a report and has made objections with regard to the conversion of the debts of the Company into equity. These objections are stated in paragraphs 14 15 of the said report. 9. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e-structuring of the finances of the company are being monitored by the Corporate Debt Re-structuring Cell, it obviates any chances of the company indulging in any kind of surreptitious or under hand dealings. 11. The re-structuring will therefore be done under the monitoring of the CDR. The Company will also comply with accounting standards 14 and all other requirements, as prescribed under t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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