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2013 (10) TMI 1099 - DELHI HIGH COURTCompromise and Arrangement u/s 391 to 394 of Companies Act – Scheme of Arrangement - Held that:- In view of the approval accorded by the shareholders and creditors of the petitioner companies, representations/reports filed by the Regional Director and the Official Liquidator attached with this Court to the proposed scheme of arrangement, there appeared to be no impediment to the grant of sanction to the scheme of arrangement - sanction was granted to the scheme of arrangement under sections 391 to 394 of the Companies Act, 1956. In terms of the provisions of Sections 391 to 394 of the Companies Act, 1956 and in terms of the scheme, the whole or part of the undertaken, the property, rights and powers of the transfer or companies be transferred to and vest in the transferee companies without any further act or deed - all the liabilities and dues of the transfer or companies be transferred to the transferee company without any further act or deed - Upon the scheme coming into effect, the transfer or company shall stand dissolved without winding up - It was, however, clarified that this order will not be construed as an order granting exemption from payment of stamp duty or taxes or any other charges, if payable in accordance with any law, or permission/compliance with any other requirement which may be specifically required under any law - The statement is accepted.
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