9911796707
TMI Blog2014 (4) TMI 1318X X X X Extracts X X X X X X X X Extracts X X X X ..... ctioned with a specific observation that sanctioning of this Scheme would not absolve anyone who is otherwise liable for any responsibility or liability, only on account of this sanctioning. Petition disposed off. X X X X Extracts X X X X X X X X Extracts X X X X ..... As submitted on behalf of the Transferee Company, no one has come forward with any objection to the said petition even after the publication. It is further averred in the petition that the Transferor Companies have filed Company Applications No.64 of 2014 and 65 of 2014 and subsequently Company Petition No.117 of 2014 and 118 of 2014 before the High Court of Judicature at Bombay. Company Petitions No.117 of 2014 and 118 of 2014 have been admitted by the High Court of Judicature at Bombay on 03.04.2014 and are awaiting further orders from the said court. 5. Notice of the petition has been served upon the Regional Director (Western Region), Registrar of Companies and an affidavit of service has been filed before this court. Shri Iqbal A. Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ved from the Income Tax Department in this regard. It is, accordingly, prayed that the Petitioner Company be directed to undertake compliance of the Income Tax Act and rules in the matter. 6. In response to the affidavit of the Regional Director, on behalf of the Petitioner Company, reply affidavit has been filed stating that since the statutory period of 15 days as envisaged by the relevant circular of the Ministry of Corporate Affairs is over, it can be presumed that the Income Tax Department has no objection to the proposed Scheme of arrangement. The Petitioner Company, however, is duty bound to undertake compliance of all applicable provisions of the Income Tax Act and rules in view of which, no further directions are required to be is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding counsel appearing for the Central Government. Having gone through the petitions, and having considered the submissions made in this regard and being satisfied that amalgamation under the proposed Scheme would be in the interest of the companies and their members and creditors, the court is of the view that the Scheme deserves to be sanctioned. The arrangement otherwise seems to be appropriate and hence, it is required to be sanctioned with a specific observation that sanctioning of this Scheme would not absolve anyone who is otherwise liable for any responsibility or liability, only on account of this sanctioning. 8. Having regard to the fact that the two Company Petitions No.117/2014 and 118/2014 filed by the two Transferor Companies ..... X X X X Extracts X X X X X X X X Extracts X X X X
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