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TMI Blog2016 (2) TMI 176X X X X Extracts X X X X X X X X Extracts X X X X ..... of Central Government, as per the provisions of Section 396(A) of the Companies Act, 1956, as well to comply with all statutory provisions. Considering the above facts and circumstances, the prayers made in the petitions are granted. The Scheme at Exhibit “D”, with both the petitions is sanctioned, with the modification as directed above, in respect of clause 9(a). - COMPANY PETITION NO. 377 of 2015, COMPANY APPLICATION NO. 309 of 2015, COMPANY PETITION NO. 376 of 2015, COMPANY APPLICATION NO. 310 of 2015 - - - Dated:- 13-1-2016 - SMT. ABHILASHA KUMARI, J. FOR THE PETITONER : MR PAVAN S GODIAWALA, ADVOCATE FOR THE RESPONDENT : MR DEVANG VYAS, ADVOCATE ORAL ORDER 1 The present petitions are filed seeking a prayer fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 08.01.2016, whiled the Official Liquidator has filed his report dated 12th December 2015, in the petition of the Transferor Company. Some observations are made in the common affidavit of the Regional Director as well as the report of the Official Liquidator. The Regional Director has observed, in paragraph 2 (C) , that there should be compliance with the Accounting Standard 14. He has also made an observation at paragraph 2 (d), that no meeting of the Secured Creditor was held in respect of M/s. Bhairavnath Textile Mills Pvt Ltd. He further made an observation at paragraph 2 (e) about the tax demands on M/s. Rankas Texfab Pvt Ltd. The Income Tax Department stated that, the Transferee Company is selected for scrutiny for the assessment year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the Scheme at Clause 9 (a) an error has crept in. The petitioner undertakes to rectify the same in the Scheme. The petitioner also stated that, the petitioner shall maintain the records, accounts, books as per the requirement of law. Considering the response to the observations and queries it is found that, the petitioners have duly replied to the queries and satisfied the same. 6 It is submitted in the common affidavit of the Regional Director as well report of the Official Liquidator that the Scheme is not prejudicial to the interest of the shareholders of the Petitioner Companies and the public at large. 7 It is ordered that, the scheme at clause 9(a) is hereby modified and relevant extract of the clause 9(a) be read as: 1(one ..... X X X X Extracts X X X X X X X X Extracts X X X X
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