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TMI Blog2016 (2) TMI 3X X X X Extracts X X X X X X X X Extracts X X X X ..... FOR THE RESPONDENT : MR. KSHITIJ AMIN, CENTRAL GOVERNMENT STANDING COUNSEL FOR MR DEVANG VYAS, ADVOCATE COMMON ORAL ORDER 1. Heard Mr. Sandeep Singhi, Advocate for Singhi Co, on behalf of the Petitioner Companies, Mr. Kshitij Amin for Mr. Devang Vyas, Advocate appearing for the Central Government and the Official Liquidator. 2. These petitions have been filed by the two Petitioner Companies for the sanctioning of the Scheme of Amalgamation of AMIL Enterprises Private Limited (Transferor Company) with Honeyvick Enterprises Private Limited (Transferee Company) (Scheme). 3. The Petitioner of Company Petition No. 297 of 2015, i.e., AMIL Enterprises Private Limited, had filed an application in this Court being Company App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 298 of 2015, seeking sanction of the Scheme. This Court by its orders dated 4.9.2015, admitted the aforesaid Company Petitions and directed the issuance of notice to the Regional Director and to the Official Liquidator in Company Petition Nos. 297 and 298 of 2015. This Court also directed publication of notice of hearing of the petition in the English daily newspaper, Indian Express and in the Gujarati daily newspaper, Sandesh , both Vadodara Editions, in Company Petition Nos. 297 and 298 of 2015. This Court had dispensed with the publication of the notice in the Gujarat Government Gazette. 6. The Petitioner in Company Petition No. 298 of 2015 filed a Note for speaking to minutes for the correction of an inadvertent typing error in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time to time. It is further observed in paragraph 2 (d) of the said affidavit that this Court be pleased to direct the petitioner companies to ensure the compliance of the guidelines issued by RBI for NonBanking Financial Institutions. It is also observed by the Regional Director in paragraph 2 (e) of the said common affidavit that this Court be pleased to direct the Petitioner Companies to undertake the compliance of the Income Tax Act and Rules. 9. Mr. Sandeep Singhi, learned Advocate appearing for the Petitioner Companies, states that the one of the Petitioner Companies, namely Honeyvick Enterprises Private Limited, has filed the necessary affidavit in reply dated 22.1.2016, to the common affidavit dated 17.12.2015 filed by the Regio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further stated that in the circumstances, the question of compliance of the guidelines issued by the Reserve Bank of India does not arise. In light of the aforesaid, this Court is of the view that the observations of the Regional Director at paragraph 2(d) of the common affidavit stand satisfied. 12. In respect of the observations made by the Regional Director at paragraph 2(e) of the common affidavit, the Petitioner Company in paragraph 5 of its reply has stated that the Scheme is in compliance with the provisions of Section 2(1B) of the Income Tax Act, 1961. However, compliance will be made with the provisions of the Income Tax Act and the Rules framed thereunder. 13. In response to the notice to the Official Liquidator in Company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd approve the Scheme. The Scheme stands sanctioned and the prayers made in the respective Company Petitions are granted. 15. The petitions are allowed accordingly. Fees of Mr. Devang Vyas, learned Assistant Solicitor General of India, are quantified at ₹ 7,500/in each of the petitions. The said fees would be paid by the Transferee Company. The fees of the Official Liquidator are quantified at ₹ 7500/in respect of Company Petition No. 297 of 2015. The fees to the Official Liquidator shall be paid by the Transferee Company. 16. Filing and issuance of drawn up orders are dispensed with. All concerned authorities to act on a copy of this order along with the Scheme duly authenticated by the Registrar, High Court, Gujarat. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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