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TMI Blog2016 (4) TMI 616X X X X Extracts X X X X X X X X Extracts X X X X ..... with a copy of the Scheme with the concerned Registrar of Companies, electronically, along with INC28 in addition to physical copy as per relevant provisions of the Act. - TUDOR INDIACOMPANY PETITION NO. 55, 56 of 2016, , COMPANY APPLICATION NO. 32, 33 of 2016 - - - Dated:- 11-4-2016 - SMT. ABHILASHA KUMARI, J. FOR THE PETITIONER : MRS SWATI SOPARKAR, ADVOCATE FOR THE RESPONDENT : MR KSHITIJ AMIN FOR MR DEVANG VYAS, ADVOCATE COMMON ORAL ORDER 1. These petitions have been filed by the petitioner companies for the sanction of a Scheme of Arrangement, in the nature of Amalgamation of Applied Thermal Technologies (India) Private Limited, the Transferor Company with Aavid Thermalloy India Private Limited, the Transferee C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all the creditors in its normal course of business. 4. Substantive petitions were filed and were admitted vide order dated 12th February 2016. The public notices for the same were duly advertised in the English daily newspaper Indian Express and the Gujarati daily newspaper Sandesh , both Vadodara editions, on 26th February 2016. The publication in the Government Gazette was dispensed with. Affidavits dated 2nd March 2016 confirm the same. No one has come forward with any objections to the said petitions even after the publication and the same has been further confirmed by the additional affidavit dated 5th April 2016. 5. Notice of the petition of the Transferor Company was served upon the Official Liquidator attached to this Cour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of the Court is drawn to the Common Additional Affidavit dated 5th April 2016, as filed by Mr.Atul P. Patel, on behalf of the petitioner Companies, which provides requisite explanations to the issues raised by the Regional Director. Vide Paragraph2(c) of the affidavit, it has been observed by the Regional Director that the Equity Shares of both the companies are held by foreign body corporate and hence the requisite compliance of FEMA and RBI guidelines must be ensured. In this regard, it has been submitted on behalf of the petitioners that the petitioners are not required to obtain any prior approval for the proposed Scheme under the provisions of the above referred Acts. It is further submitted that vide Clause10( c) of Scheme, such ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent. Considering all the facts and circumstances and taking into account the contentions raised by the affidavits and reply affidavits and the submissions advanced during the course of hearing, it appears to this Court that the observations made by the Regional Director, Ministry of Corporate Affairs, have been redressed satisfactorily. It can, therefore, be concluded that the present Scheme of Arrangement is in the interest of the shareholders and creditors of all the companies as well as in the public interest and the same deserves to be sanctioned. The Scheme is, therefore, sanctioned. 9. The prayers in terms of paragraph16( a) of the Company Petition No.55 of 2016 and paragraph15( a) of the Company Petition No.56 of 2016 are hereby g ..... X X X X Extracts X X X X X X X X Extracts X X X X
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