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2010 (1) TMI 577 - HIGH COURT OF KARNATAKAComposite scheme of arrangement - demerger - Held that:- The composite scheme of arrangement proposed by the Company is sanctioned and binding on the petitioners, their shareholders and creditors. The Transferor Companies 1 to 7 shall stand dissolved without there being an order of winding up, the demerged Companies 1 to 3 shall ensure compliance of the accounting standards post-sanction, the office is directed to draw up a decree in Form No. 42,Petitioners are directed to serve a copy of this order on the Registrar of Companies in the State of Karnataka within 30 days, the petitioner in Demerged Company No. 1 to comply with the undertaking in relation to the observations made by the Regional Director & petitioners shall serve relevant papers, along with the affidavit of valuation, on the Inspector General for Registration and Stamps in the State of Karnataka, to have his say over the stamp duty and registration fee.
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