9911796707
TMI Blog2016 (6) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... Limited, the transferee company being the holding company earlier filed Company Application No.105 of 2016 seeking an order that no separate proceedings in respect of the transferee holding company are required to be undertaken under the provisions of Section 391 (2) of the Act. This Court by an order dated 21.3.2016 passed in Company Application No. 105 of 2016 allowed the said application. Accordingly, no separate petition on behalf of the transferee company is filed. 3. The petitionerTransferor Company, filed Company Application No. 106 of 2016 seeking dispensation of the meetings of the Equity Shareholders and Unsecured Creditors. it is reported that there are no secured creditors of the petitionercompany. By an order dated 21.3.2016 p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the Income Tax Department. According to the Regional Director, the petitioner Companies may be directed to undertake compliance of the income Tax Act and Rules. 7. In response to the affidavit of the Regional Director dated 7.6.2016, the petitioner Transferor Company in Company Petition No. 116 of 2016 has tiled its response by an affidavit dated 11.6.2016 giving explanation to the observations of the Regional Director. With regard to the first observation, it is submitted on behalf of petitioner company that upon reading Clause 11 of the Scheme as a whole, it becomes clear that this clause is in accordance with AS14. Without prejudice, it is submitted on behalf of petitioner company that both the Companies will comply with the requir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Official Liquidator and the Regional Director, the reply affidavit filed on behalf of the petitioner company and having considered the Scheme of Amalgamation together with relevant documents on record, the Court finds it appropriate to grant sanction to the present Scheme of Amalgamation. 11. In view of the above, the Scheme of Amalgamation is sanctioned. It is, however, directed that the petitioner shall preserve its books of accounts, papers and record and shall not to dispose of the records without the prior permission of the Central Government under Section 396A of the Companies Act, 1956. 12. The cost of this petition is determined at Rs. 10,000/each payable to Mr.Kshitij Amin, learned counsel for the Central Government and the Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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