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TMI Blog2016 (10) TMI 150X X X X Extracts X X X X X X X X Extracts X X X X ..... , however, directed that the petitioner transferor company shall preserve its books of accounts, papers and record and shall not dispose of the records without the prior permission of the Central Government under Section 396 A of the Companies Act, 1956. It is further observed that the sanction of this Scheme shall not absolve the Transferor Company from any statutory liability, if any. - COMPANY PETITION NO. 376 of 2016 In COMPANY APPLICATION NO. 340 of 2016 With COMPANY PETITION NO. 377 of 2016 In COMPANY APPLICATION NO. 341 of 2016 - - - Dated:- 30-9-2016 - MR. R.M.CHHAYA, J. FOR THE PETITIONER : THAKKAR AND PAHWA ADVOCATES, ADVOCATE FOR THE RESPONDENT : MR DEVANG VYAS, ADVOCATE COMMON ORAL ORDER 1. The present pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dailies in English Daily Indian Express and Vernacular daily Sandesh , having circulation in Ahmedabad. 6. Pursuant to the order dated 23.8.2016, the petitioners have published the notice of petition in Gujarati Daily Sandesh and English Daily Indian Express both having circulation in Ahmedabad on 31.8.2016. The Director (authorised signatory) of the petitioner companies have filed separate affidavits dated 9.9.2016 in support of publication of advertisements. 7. In response to the notice issued, the Regional Director has filed a common affidavit dated 26.9.2016 making two observations. In the said affidavit, the Regional Director has narrated about the valuation of shares and so also about the Clause in the Scheme that the tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... racts. It is further submitted that the letter of credit is given again towards fulfilment of the contractual obligations. As can be seen from the details of contingent liabilities for last 3 years, the Bank Guarantees and the letter of credit are issued year after year in compliance with various contractual terms and obligations. It is further submitted that as per the balance sheet as at 31.3.2016, the block of assets are worth more than ₹ 100 Crores. The net worth of the Company is positive. Even if some contingent liability is invoked, the concept of going concern would never be diluted and will not affect the financial position of the Company adversely so as to impact the liquidity of the Company. It is submitted that this observ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 12. In view of the above, the Scheme of Amalgamation is sanctioned. It is, however, directed that the petitioner transferor company shall preserve its books of accounts, papers and record and shall not dispose of the records without the prior permission of the Central Government under Section 396 A of the Companies Act, 1956. It is further observed that the sanction of this Scheme shall not absolve the Transferor Company from any statutory liability, if any. 13. The cost of both these petitions are determined at ₹ 10,000/- each payable to Shri Devang ..... X X X X Extracts X X X X X X X X Extracts X X X X
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