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TMI Blog2016 (2) TMI 584X X X X Extracts X X X X X X X X Extracts X X X X ..... Limited, Peshani Investments Private Limited, Sanskrut Investments and Consultancy Services Private Limited and Suyojan Properties Private Limited with Bakeri Urban Development Private Limited, the Transferee Company, proposed under Sections391 to 394 of the Companies Act, 1956. 2. Heard Mr.Saurabh Soparkar, learned Senior Advocate with Mr.Bandish Soparkar, learned advocate, on behalf of the petitioner Companies. 3. It has been submitted that all the companies in the proposed scheme belong to the same group of management viz. Bakeri group. All the companies are engaged in commercial activities related to Real Estate Development and allied activities. The Board of Directors of these Companies proposed the amalgamation with the primary obj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated 17th September, 2015. The Scheme was unanimously approved by all the Secured Creditors present at the meeting. 5. The substantive petitions for the sanction of the Scheme, filed by the petitioner Transferor Companies, were admitted on 2nd September, 2015, and the petition filed by the Transferee Company was admitted on 30th September, 2015. The notice for the hearing of the petitions were duly advertised in the English daily newspaper "Indian Express" and the Gujarati daily newspaper "Gujarat Samachar", both Ahmedabad editions, dated 17th September, 2015. The publication in the Government Gazette was dispensed with, as directed in the said orders. Pursuant to the said publication in the newspapers, no objections were received by the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Notice of the petitions has been served upon the Central Government and Mr.Kshitij Amin, learned Central Government Standing Counsel has appeared on behalf of Shri Devang Vyas, learned Assistant Solicitor General of India, for the Central Government. A common affidavit dated 2nd February, 2016, has been filed by Mr.Shambhu Kumar Agarwal, the Regional Director, NorthWestern Region, Ministry of Corporate Affairs, whereby some observations are made. 9. The attention of this Court is drawn to the common Additional Affidavit dated 5th February, 2016, filed by Mr.Asit Somani, the Director and Authorized Signatory of the petitioner companies, whereby the said issues have been dealt with. 10. This Court has heard submissions advanced by the learn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eport provided by M/s.Shah and Dalal, Chartered Accountants does not provide the working sheets for the same. In this regard, it has been submitted that all the companies belong to the same group and all the shareholders belong to the same family. There is no public interest involved in the present scheme. Considering the facts and circumstances, it is not necessary to provide the working sheets for the same. Further, none of the shareholders have objected to the proposed ratio and hence, it has been submitted that no further directions are required to be issued to the petitioners. In this regard as well, learned Senior Counsel has relied upon the judgment in the case of Athanas Enterprise Private Limited. (iii) The next observation of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are hereby granted. (b) The petitions are disposed of, accordingly. So far as the costs to be paid to the Central Government Standing Counsel are concerned, they are quantified at Rs. 7,500/per petition. The same may be paid to Shri Devang Vyas, learned Assistant Solicitor General of India. Costs to be paid to the Office of the Official Liquidator are quantified at Rs. 7,500/per petition, payable by the Transferor Companies. The same may be paid to the Office of the Official Liquidator. (c) The petitioner companies are further directed to lodge a copy of this order, the schedule of immovable assets of the Transferor Companies being transferred to the Transferee Company, as on the date of this order and the Scheme duly authenticated by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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