9911796707
TMI Blog2017 (1) TMI 830X X X X Extracts X X X X X X X X Extracts X X X X ..... e. 1st April, 2015 the Transferor Company shall stand dissolved without undergoing the process of winding up. Notwithstanding the above, if there is any deficiency found or violation committed, qua any enactment, statutory rule or regulation, the sanction granted by this Court to the Scheme will not come in the way of action being taken, albeit, in accordance with law, against the concerned persons, directors and officials of the Petitioner Companies. It is made clear, that this order shall not be construed as an order granting exemption, inter alia, from, payment of stamp duty or, taxes or, any other charges, if, payable, as per the relevant provisions of law or, from any applicable permissions that may have to be obtained or, even c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 015, is ₹ 20,00,000/- divided into 2,00,000 equity shares of ₹ 10/- each. The issued, subscribed and paid-up share capital of the Transferor Company, as on 31.03.2015, is ₹ 20,00,000/- divided into 2,00,000 equity shares of ₹ 10/- each fully paid-up. 7. The authorized share capital of the Transferee Company, as on 31.03.2015, is ₹ 5,00,000/- divided into 50,000 equity shares of ₹ 10/- each. The issued, subscribed and paid-up share capital of the Transferee Company, as on 31.03.2015, is ₹ 1,01,000/- divided into 10,100 equity shares of ₹ 10/- each fully paid-up. 8. Copies of the Memorandum of Association and Articles of Association, of the Transferor Company and the Transferee Company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany upon the Scheme finally becoming effective. 11. It has also been stated that no proceedings under Sections 235 to 251 of the Act (or under the corresponding provisions of the Companies Act, 2013) are pending against either of the Petitioner Companies. 12. It has been further stated on behalf of the Petitioner Companies that the Scheme has been approved by the respective Board of Directors (BOD) of the Petitioner Companies in their separate meetings held on 15.01.2016. Copies of the BOD resolutions dated 15.01.2016 have been filed and the same are on record. 13. The Petitioner Companies had earlier filed Company Application (M) no.53 of 2016 seeking directions of this Court to dispense with the requirement of convening ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prejudicial to the interest of its members, creditors or to public interest as per second proviso of Section 394(1) of the Act. 16. Thus, in effect, it has been stated that the OL would not have any objections in the event this Court were to sanction the Scheme. 17. In response to the notices issued in the present petition, the Regional Director, Northern Region, Ministry of Corporate Affairs has filed his report dated 03.10.2016 stating that the Regional Director has no objections to the grant of sanction to the Scheme. 18. The Petitioner Companies vide affidavit dated 22.09.2016 have also stated that neither the Petitioner Companies nor their counsel have received any objection pursuant to publication of citations in the ne ..... X X X X Extracts X X X X X X X X Extracts X X X X
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