9911796707
TMI Blog2016 (4) TMI 359X X X X Extracts X X X X X X X X Extracts X X X X ..... and, therefore, deserves to be sanctioned. Accordingly, the Scheme as proposed by the Petitioner Company is hereby sanctioned. - COMPANY PETITION NO. 42 of 2016, COMPANY APPLICATION NO. 30 of 2016 - - - Dated:- 21-3-2016 - SMT. ABHILASHA KUMARI, J. FOR THE PETITIONER : MS DHARMISHTA RAVAL, ADVOCATE FOR THE RESPONDENT : MR. KSHITIJ AMIN, CENTRAL GOVERNMENT STANDING COUNSEL FOR MR DEVANG VYAS, ADVOCATE, MRS MAUNA M BHATT, ADVOCATE ORAL ORDER 1 This petition has been filed by the Petitioner Company for the sanction of scheme of Amalgamation between Elitecore Technologies Private Limited (Petitioner Transferor Company) and Sterlite Technologies (Transferee Company) and their respective shareholders and creditors ( Scheme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion and the Gujarati daily newspaper Jansatta , Ahmedabad Edition, on 9th February, 2016 as submitted in the affidavit dated 24th February, 2016. The publication in the Government gazette was dispensed with. 5 Notice of the petition has been served upon the Regional Director (Western Region). In response thereto, Shri Devang Vyas, Assistant Solicitor General of India has filed his appearance in the petition and affidavits dated 11th March,2016 and 16th March, 2016 have been filed by the Regional Director, NorthWestern Region, Ministry of Corporate Affairs. 6 In the above affidavit, the Regional Director has, inter alia, made the following observations: a) In paragraph 2(d) of the Affidavit dated 11.03.2016 filed by the Regional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Regional Director, learned advocate for the petitioner relies on the affidavit dated 16.03.2016, filed on behalf of the petitioner company and submits that, as mentioned in the said affidavit, clause 6.1 of the Scheme specifically envisages about the compliance of the AS14. 9 In response to the third observation made on behalf of Income Tax Department, it is submitted that the Petitioner Company undertakes to comply with the provisions of the Income Tax Act and Rules framed thereunder. Further, it is submitted that in respect of the outstanding Income Tax demand for the Assessment Year 201112 and 201213, appeals in respect of the same are pending before the CIT (Appeal) and Ahmedabad ITAT. Further, it is submitted that paragraph ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Company may be dissolved without being woundup. 12 As regards the observation raised by the Official Liquidator in his report that the Petitioner Transferor Company be directed to preserve its books of accounts, papers and records and not dispose the same without prior permission of the Central Government as per Section 396A of the Companies Act, 1956, it was submitted by Ms. Raval that, as observed by the Official Liquidator the books of account and papers would be preserved by the Petitioner Company as per Section 396 A of the Companies Act, 1956. Further, it is submitted that Petitioner Company would ensure the statutory compliance of all applicable laws and would not be absolved from any of its statutory liabilities in any manner. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he High Court of Judicature at Bombay. 16 The petitioner company shall pay, towards professional charges to learned Assistant Solicitor General ₹ 7,500/. The Official Liquidator shall be paid cost of ₹ 7,500/- 17 The Petitioner Company is further directed to lodge a copy of this order, the schedules of immovable assets pertaining to Transferor Company as on the date of this order and the Scheme duly authenticated by the Registrar, High Court of Gujarat, with the concerned Superintendent of Stamps, for the purpose of adjudication of stamp duty, if any, on the same within 60 days from the date of the order. 18 The Petitioner Company is directed to file a copy of this order along with a copy of the Scheme with the concerne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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