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TMI Blog2015 (3) TMI 240X X X X Extracts X X X X X X X X Extracts X X X X ..... f sanction to the Scheme of Amalgamation. Consequently, sanction is hereby granted to the Scheme of Amalgamation under Sections 391-394 of the Companies Act, 1956. The Petitioner Company will comply with the statutory requirements in accordance with law. - Scheme of Amalgamation approved. - Co. Pet. 617/2013 - - - Dated:- 15-12-2014 - Sanjeev Sachdeva,JJ. For the Petitioner : Mr. S. K. Srivastava, Advocate For the Official Liquidator : Mr. Atma Sah, Mr. Rajiv Behl ORDER Sanjeev Sachdeva, J (Oral) 1. This second motion petition has been filed under sections 391 394 of the Companies Act, 1956 ( Act ) seeking sanction of the Scheme of Amalgamation ( Scheme ) of Adinath Food Private Limited (hereinafter referred to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Petitioner Company has thereafter filed the present Petition seeking sanction of the Scheme. Vide order dated 07.08.2012, notice of the Petition was directed to be issued to the Official Liquidator, Registrar of Companies and the Central Government through Regional Director. Citations were also directed to be published in Times of India (English) and Nav Bharat Times (Hindi). Affidavit of Service and Publication has been filed by the Petitioner Company showing compliance regarding service of the Petition and also regarding publication of citations in the aforesaid newspapers. Copies of the newspaper cuttings, in original, containing the publications have also been filed along with the Affidavit of Service. 9. In response to the n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it has observed that there is no mention whether the Petitioner Company will comply with the Accounting Standard 14 issued by the Institute of Chartered Accountant of India. It is submitted that the Company may be asked to comply with/adopt accounting treatment at prescribed under Accounting Standard 14 and also comply with the provisions of Section 2 (43) of the Companies Act, 2013. 14. In response to the above said observation, the Petitioner Companies have filed an Affidavit stating that the Petitioner Companies undertake to comply with / adopt accounting treatment at prescribed under Accounting Standard 14 and also comply with the provisions of Section 2 (43) of the Companies Act, 2013. 15. Further, learned Regional Director in hi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r submits that, share ratio of the both companies have been arrived at 4:5. Further he submits that the Petitioner Company has served copy of valuation of shares on the Regional Director. 17. Further, learned Regional Director in his Affidavit has observed that the appointed date as per the scheme shall be 01.04.2011, whereas the companies have prepared their balance sheet and profit and loss account for the period 31.3.2013 and filed those balance sheets and other returns under the Companies Act, 1956. Therefore, the appointed date may be shifted to 01.04.2013 to avoid any revision of balance sheet and profit and loss account and other returns including tax returns for earlier period. 18. In response to the above said observation, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ile the same and pay the requisite fees as per law 22. In view of the above said undertaking and clarification, the concerns raised by the Regional Director are duly addressed. 23. No objection has been received to the Scheme of Amalgamation from any other party, Mr. M. Kannan, Director of the Petitioner Company has filed an affidavit dated 12.11.2014 and 28.11.2014 confirming that neither the petitioner companies nor their Legal Counsel have received any objection pursuant to the citations published in the Newspapers. 24. In view of the approval accorded by the shareholders of the Petitioner Company, Representation/Report filed by the Official Liquidator and the Regional Director, Northern Region and the submissions of the Petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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