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TMI Blog2013 (10) TMI 1198X X X X Extracts X X X X X X X X Extracts X X X X ..... tion application under Sections 391 and 394 of the Companies Act, 1956 ( Act ) in connection with the Scheme of Amalgamation ( Scheme ) of O.C. Denims and Special Finishes Limited (hereinafter referred to as Transferor company ) with the Orient Craft Limited (hereinafter referred to as Transferee company ) [hereinafter collectively referred to as Applicant companies ]. A copy of the proposed Schem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Scheme has been approved by the Boards of Directors ( BoDs ) of the Applicant companies. Copies of the board resolutions have been filed along with the application. 7. The status of the equity shareholders, secured and unsecured creditors of the Applicant companies and the consents obtained by them for the proposed Scheme is set out in a table forming part of the application which reads as under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tune of 2,18,21,170/- (Rupees Two Crore Eighteen Lakh Twenty One Thousand One Hundred Seventy only) and the Transferee company has 16 secured creditors to the tune of Rs.745,50,38,924/- (Rupees Seven Hundred Forty Five Crore Fifty Lakh Thirty Eight Thousand Nine Hundred Twenty Four only) and 1351 unsecured creditors to the tune of Rs.182,36,09,505/- (Rupees One Hundred Eighty Two Crore Thirty Six ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of his submissions, the Learned counsel for the Applicant companies placed reliance on the judgments of this Court in the matter of In Re.: Scheme of Amalgamation of Unitel Credit Private Limited with Intec Capital Limited [CA (M) No. 116/2010 decided on 4th June 2010]; In Re.: Scheme of Amalgamation of M/s Global Digital Technologies Limited with MVL Industries Limited [CA (M) No. 108/2012 decide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... editors) of the Transferee company is Rs.930,04,69,599/- against the value of the assets of Rs.1536,14,90,021/- (at their respective fair values), therefore, the interests of the creditors of either of the Applicant companies will not be adversely affected and in fact will be placed in a better position viz. a viz. their security post amalgamation. 13. In view of the above and considering the set ..... X X X X Extracts X X X X X X X X Extracts X X X X
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