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TMI Blog2016 (12) TMI 1303X X X X Extracts X X X X X X X X Extracts X X X X ..... PLICATION NO. 300, 301, 302, 303, 304, 305, 306, 307, 308, 309 of 2016 - - - Dated:- 14-12-2016 - SMT. ABHILASHA KUMARI, J. FOR THE PETITIONER : MR NAVIN K PAHWA, ADVOCATE FOR THAKKAR AND PAHWA ADVOCATES, ADVOCATE FOR THE RESPONDENT : MR KSHITIJ AMIN, CENTRAL GOVT. STANDING COUNSEL FOR MR DEVANG VYAS, ASSISTANT SOLICITOR GENERAL FOR INDIA ORAL ORDER 1. The present petitions are filed under the provisions of Section 391 to 394 of the Companies Act, 1956 seeking the sanction of this Court to the Scheme of Amalgamation of Girish Metals Private Limited, Omkar Terry Towels Private Limited, PAN Infosystems Private Limited, Shankheshwar Metals Private Limited, Sannidhya Tradelink Private Limited, Shalibhadra Steel Private Lim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Unsecured Creditors. 5. Shreeji Broking Private Limited, the Transferor Company filed Company Application No. 302 of 2016 seeking dispensation of the meeting of the Equity Shareholders. It is reported that there are no Secured and Unsecured Creditors of the petitioner-company. By an order dated 11.7.2016 passed in Company Application No. 302 of 2016, this Court ordered dispensation of the meetings of the Equity Shareholders. 6. Sannidhya Tradelink Private Limited, the Transferor Company filed Company Application No. 303 of 2016 seeking dispensation of the meeting of the Equity Shareholders. It is reported that there are no Secured and Unsecured Creditors of the petitioner-company. By an order dated 11.7.2016 passed in Company Appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 307 of 2016 seeking dispensation of the meeting of the Equity Shareholders. It is reported that there are no Secured and Unsecured Creditors of the petitioner-company. By an order dated 11.7.2016 passed in Company Application No. 307 of 2016, this Court ordered dispensation of the meetings of the Equity Shareholders. 11. PAN Infosystems Private Limited, the Transferor Company filed Company Application No. 309 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 petitioner-company. By an order dated 11.7.2016 passed in Company Application No. 309 of 2016, this Court ordered dispensation of the meetings of the Equity Shareholders and Unse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Generation Business. The fourth and last observation is with regard to the comments 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. 15. In response to the affidavit of the Regional Director dated 8.11.2016, the petitioner-Transferee Company in Company Petition No. 330 to 339 of 2016, has filed its response by an affidavit dated 17.11.2016, giving an explanation to the observations of the Regional Director. With regard to the first observation, it is submitted that upon reading Clause 11.2 of the Scheme, it is evident that the Scheme is in consonance with AS14. Without prejudice, it is stated that the petitioner companies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies are not conducted in a manner prejudicial to the interest of their members or to the public interest. Besides, the Official Liquidator has requested this Court to direct the petitioner Transferor companies to preserve their books of accounts, papers and records and not to dispose of the records without the prior permission of Central Government u/s. 396A of the Companies Act, 1956. The Official Liquidator has also sought directions for making due compliance of the statutory liabilities. 20. Having heard Mr. Navin K. Pahwa, learned Counsel for the petitioner companies and Mr.Kshitij Amin, learned Central Government Standing Counsel for Mr.Devang Vyas, learned Assistant Solicitor General of India on behalf of the Regional Director and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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