9911796707
TMI Blog2012 (10) TMI 770X X X X Extracts X X X X X X X X Extracts X X X X ..... the same. The whole or part of the undertaking, the properties, rights and powers of Petitioner & also all the liabilities and duties be transferred to and vest in the Transferee Company without any further act or deed. All the Permanent employees of all the Transferor Companies shall become the employees of the Transferee Company without any break or interruption in their service & Petitioner shall stand dissolved without winding up. This order will not be construed as an order granting exemption from payment of stamp duty or taxes or any other charges, if payable in accordance with any law - the Petitioner Companies would voluntarily deposit a sum of Rs. 1,00,000/- with the Common Pool of the Official Liquidator within three weeks from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as Chairperson and Alternate Chairperson to convene the said meeting. 3. This Court vide order dated 28.11.2011 allowed the amendment application and had granted the permission to Paliwal Real Estate Private Limited to withdraw from the Scheme of Amalgamation and had taken on record the amended Scheme of Amalgamation and First Motion Petition. Further, this Court had postponed the Court convened meeting of Unsecured Creditors of the Transferee Company to 28.01.2012. 4. In compliance of the orders of this Court the meeting of the Unsecured Creditors of the Transferee Company was convened on 28.01.2011 at Shah Auditorium, Near Shree Delhi Gujarati Samaj Marg and LG House (Old), Civil Lines, Delhi 110054. The Scheme of Amalgamation was app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or to public interest. 7. In response to the notices issued in the Petition, Mr. Rakesh Chandra, Learned Regional Director, Northern Region, Ministry of Corporate Affairs has filed his Representation/ Affidavit / dated 27.09.2012. Relying on Clause 8, Para IV of the Scheme of Amalgamation, he has stated that, upon sanction of the Scheme of Amalgamation, all the Permanent employees of all the Transferor Companies shall become the employees of the Transferee Company without any break or interruption in their service upon sanctioning of the Scheme of Amalgamation by the Hon'ble Court. Further, relying on Para 5.10 of Part-IV of the Scheme, he has stated, the Scheme provide the Accounting Treatment in detail, which is in accordance with Acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Transferee Company for every 10000 Equity Shares of Rs.10/- each held in Transferor Company no. 6. Transferor Company no. 9 99 Equity Shares of Rs. 10/- each, credited as fully paid-up, of the Transferee Company for every 10000 Equity Shares of Rs.10/- each held in Transferor Company no. 9. 10. In view of the approval accorded by the Shareholders and Creditors of the Petitioner Companies; representation / reports filed by the Regional Director, Northern Region and the Official Liquidator, attached with this Court to the proposed Scheme of Amalgamation, there appears to be no impediment to grant of sanction to the Scheme of Amalgamation. Consequently, sanction is hereby granted to the Scheme of Amalgamation under sections 391 an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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