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TMI Blog2016 (6) TMI 139X X X X Extracts X X X X X X X X Extracts X X X X ..... und up and “Investment Business Undertaking” of Petitioner-Company No.4/Amalgamated Company/Demerged Company shall demerge into Petitioner-Company No.5/Resulting Company and the Assets and Liabilities of “Investment Business Undertaking” of Petitioner-Company No.4/Amalgamated Company/Demerged Company shall stand vested in Petitioner-Company No.5/Resulting Company. The Petitioner-Companies shall be required to comply with the procedural requirement with regard to Accounting Standard 14 issued by the Institute of Chartered Accountants of India. The Composite Scheme of Arrangement shall be binding on the Petitioners-Companies, their respective Shareholders, Creditors and all concerned. - CP No.157 of 2015 (O&M) - - - Dated:- 29-4-2016 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as also ordered to be uploaded on the website of the Official Liquidator. Affidavit of publication dated 2.3.2016. The Official Liquidator has submitted his report dated 23.3.2016, in which he has averred that in view of the observations of the Chartered Accountant the Official Liquidator most respectfully submits that affairs of the Transferor Companies have not been conducted in a manner prejudicial to the interest of its members, creditors or to the public interest. Hence in our opinion the Scheme of Amalgamation is not against the interest of the members, creditors, and public at large . Hence, the Official Liquidator has not taken any objection to the Scheme. Similarly, the Official Liquidator has filed the representation/affi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs-Companies have filed in Court the counter-affidavit dated 1.4.2016 of Vigyan Deep Sharma, authorised signatory of the Petitioner-Companies to the report of the Regional Director in which the following averments have been made in para 4:- Further, the Regional Director has filed affidavit to this Hon ble Court and deponent hereby files reply as follows: - 1) It is submitted that Para 1-8 of the affidavit are general submissions to this Hon ble Court and do not require any comment. 2) That in para 9 (i) of the affidavit, the Regional Director submits that no valuation report has been appended alongwith the scheme, outlining the corresponding assets and liabilities which shall stand transferred. He further states that it is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... III of the scheme where it has been stated that all the employees of the Amalgamating Companies shall continue in amalgamated Company on existing or similar terms and conditions as to remuneration and other benefits, and without any breach or interruption of services. The Amalgamated Company undertakes to fulfil the aforestated obligation. The above stated explanation submitted by Vigyan Deep Sharma, authorised signatory of the Petitioner-Companies sufficiently meets the queries raised by the Regional Director. The Petitioner-Companies have confirmed that there are no investigation proceedings pending against them under Sections 235 to 251 of the Act. For the reasons aforestated and on consideration of all the relevant facts an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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