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2009 (3) TMI 561 - HIGH COURT OF BOMBAYCompromise and arrangement - demerger - Held that:- In the present case apart from stating that the details of the assets which form a part of the scheme have not been enumerated nothing adverse regarding the scheme as such is stated. Nor is it even suggested that as a result thereof the interest of any concerned party has been adversely affected. Further still the entire procedure has been complied with and no objection has been raised by any party including the creditors and members. the members and the creditors of the petitioners will not be affected adversely by the scheme as there are no creditors of the transferee-company. Nor are there any liabilities that the transferee-company is exposed to. This is so provided in the balance sheet and the profit and loss account for the year ending 31-3-2008. The unaudited balance sheet and the profit and loss account for the period ended on 30-9-2008 indicates the liability of only ₹ 38,000. The creditors are the directors of the company themselves. The same does not warrant a refusal of an order sanctioning the scheme. Scheme allowed.
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