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TMI Blog2014 (7) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... the scheme. - Co. Pet. 96 /2014 - - - Dated:- 15-7-2014 - Sanjeev Sachdeva,JJ. For the Petitioner : Mr. Dilip Singh Advocate for Petitioner companies, Mr. Atma Sah, Assistant Registrar of Companies for the Regional Director, Mr. Rajiv Behl, Advocate for the official Liquidator. ORDER Sanjeev Sachdeva, J (Oral) 1. This second motion joint petition filed under Sections 391 to 394 of the Companies Act, 1956 ( Act ) seeking sanction of the Scheme of Amalgamation ( Scheme ) of M/s Airwaves Telefilms Private Limited ( Transferor Company No 1), M/s Lavitra Technologies Private Limited (Transferor Company No 2 , M/s Suave Technologies Private Limited (Transferor Company No 3) and Waves Telefilms Private Limited (Transferor C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Transferor Companies and the Transferee Company were dispensed with. None of the Applicant Transferor Companies and the Transferee Company had any secured Creditors. 8. The Petitioner Companies had thereafter filed the present Petition seeking sanction of the Scheme. By an order dated 07.02.2014, notice of the Petition was directed to be issued to the Regional Director, Northern Region and the Official Liquidator attached with this Court, Citations were also directed to be published in Statesman (English) and Jansatta (Hindi). An affidavit of service and publication has been filed by the Petitioners showing compliance regarding service of the Petition on the Regional Director, Northern Region and the Official Liquidator and also rega ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Amalgamation in the office of Deponent. One set of Scheme of Amalgamation submitted along with copy of Company Application No. 20 of 2014, wherein at Para 5.6 of the Scheme provides that if the Scheme cannot be made effective on or before 31st December, 2012, the Scheme shall become null void be of no effect. Whereas, Scheme of Amalgamation submitted along with second motion Petition, Para 5.6 of the Scheme provides that if the Scheme cannot be made effective on or before 31st December, 2014, the Scheme shall become null void be of no effect. It is submitted that all the Petitioner Companies may be asked to clarify the same that which Scheme of Amalgamation is correct and desires to enforce the same through Hon ble Court . 11. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or Transferee Companies or their shareholders or creditors or employees or any other person. 13. It is directed that in case it is found that transferor and transferee companies have violated any provisions of the Reserve Bank of India Act then Directors of the transferor and transferee companies guilty of breaching the applicable provisions of the Reserve Bank of India Act shall continue to be liable irrespective of the sanction of the scheme. 14. Despite notice, Income Tax Authorities have not raised any objection with regard to scheme. 15. In view of the aforesaid clarification and undertaking given by the Petitioners, the concern of the Regional Director has been duly addressed. 16. No objection has been received to the Sch ..... X X X X Extracts X X X X X X X X Extracts X X X X
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