9911796707
TMI Blog2016 (6) TMI 902X X X X Extracts X X X X X X X X Extracts X X X X ..... of SPS Share Brokers Private Limited, the Demerged Company to Khandwala Enterprise Private Limited, the Petitioner Resulting Company, under Section 391 to 394 of the Companies Act, 1956. It has been submitted that the Demerged Company having its registered office at Mumbai has taken out the requisite proceedings before the Bombay High Court. 3. It has been submitted that SPS Share Brokers Private Limited, the Demerged Company has been engaged in Share Broking business as well as Investment Business in shares and securities including derivatives. It has been realized that Investment Business has different risks and return profile particularly due to volatility in global as well as Indian market. In view of the same, to avoid any adverse im ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... May 2016 confirm the same. No one has come forward with any objections to the said petition even after the publication and the same has been further confirmed by the additional affidavit dated 13th June 2016. 6. Notice of the petition has been served upon the Central Govt. and Mr. Kshitij Amin, learned Central Government Standing Counsel has appeared for Shri Devang Vyas, learned Assistant Solicitor General of India, on behalf of Central Govt. An affidavit dated 7th June 2016 has been filed by Mr. Shambhu Kumar Agarwal, the Regional Director, North-Western Region, Ministry of Corporate Affairs, whereby some observations are made. 7. The attention of this court is drawn to the Additional Affidavit dated 13th June 2016, filed by Mr. Amit B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ejudicial to the interest of the shareholders of the petitioner companies and the public at large. 8. Considering all the facts and circumstances and the contentions raised in the affidavits and counter affidavits, and the submissions made during the course of hearing, on behalf of the parties, this court is of the view that that the observations made by the Regional Director, Ministry of Corporate Affairs, do not survive. No directions are required to be issued to the petitioner company. This court is of the view that based on the material on record it can be concluded that the present scheme of arrangement is in the interest of the shareholders and creditors of both the companies as well as in the public interest, therefore, the same des ..... X X X X Extracts X X X X X X X X Extracts X X X X
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