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TMI Blog2009 (11) TMI 509X X X X Extracts X X X X X X X X Extracts X X X X ..... 30,000 by demand draft to the “Common Pool Fund” maintained by the Official Liquidator attached to this Court. He submits that the same shall be paid within four weeks. The costs of ₹ 5,000 be paid to the Regional Director within four weeks. A separate order as required under rules 81 and 84 in Form Nos. 41 and 42 is, accordingly, passed. - COMPANY PETITION NO. 14 OF 2008 - - - Dated:- 25-11-2009 - SHANTANU KEMKAR, J. Vijayesh Atre for the Petitioner. Vinay Zelawat and A.S. Parihar for Union of India. ORDER 1. This petition has been filed under sections 391 and 394 of the Companies Act, 1956 by M/s. Kriti Industries (India) Private Limited (Transferor-Company), M/s. Kriti Auto and Engineering Plastics Pri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ares of Rs. 10 each). Issued, subscribed and paid-up share capital is Rs. 6,20,04,400 (Equity Shares of Rs. 10 each) as on 31-3-2007. In support audited Balance Sheet of the Transferor-Company as on 31-3-2007 has been annexed as Annexure 2. Authorised Share Capital of M/s. Kriti Auto and Engineering Plastics Private Limited (Transferee-Company No. 1) is Rs. 1,00,000 (10,000 Equity Shares of Rs. 10 each). Issued, subscribed and paid-up share capital is Rs. 1,00,000 (10,000 Equity Shares of Rs. 10 each) as on 31-3-2007. In support audited Balance Sheet of the Transferee-Company No. 1 as on 31-3-2007 has been annexed as Annexure. 3. Authorised Share Capital of M/s. Kriti Nutrients Limited (Transferee-Company No. 2) is Rs. 10,00,00,000 (1,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide order dated 12-5-2008 convened the meeting of equity shareholders and unsecured creditors on 28-6-2008. The meetings as directed was held as per the provisions contained in the Companies Act by the respective Chairmans and the Chairmans have submitted their report on affidavit indicating unanimous acceptance of the scheme by the shareholders and unsecured creditors of the transferor and the transferee-companies respectively. The Chairman so appointed have filed their reports confirming and sanctioning the scheme of amalgamation. 6. After the aforesaid reports being filed this petition has been filed on which notices were issued to the Regional Director as required under section 394(A) of the Companies Act the notice as required und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proved by shareholders and creditors by giving their no objection certificates. When the scheme which is essentially meant for shareholders and creditors of the Company do not object to it and on the other hand approves the same in express terms it has to be given effect to keeping in view the fact that wishes of the shareholders and creditors must be allowed to prevail in the absence of any illegality being noticed by this Court within the meaning of sections 391 and 394 of the Companies Act. 8. Having regard to the aforesaid, I allow this petition and grant sanction to the proposed scheme of arrangement/amalgamation as prayed, however, with a modification to the extent that the appointed date for amalgamation will be 1-1-2010 in place ..... X X X X Extracts X X X X X X X X Extracts X X X X
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