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2020 (9) TMI 470 - NATIONAL COMPANY LAW TRIBUNAL CHENNAI BENCHApproval of the Composite Scheme of Arrangement - Section 230 to 232 of Companies Act - HELD THAT:- The Independent Statutory Auditors of the Transferor Companies and the Transferee Company have filed the Certificate in relation to compliance with the Accounting Standards, and certified that the proposed scheme is in conformity with the accounting standards specified under Section 133 of the Act, read with relevant rules as applicable. Thus, the Petitioner Company has complied with proviso to Section 230 (7) / Section 232 (3) of the Companies Act, 2013. The Petitioner companies have submitted that no investigation proceedings are pending against them under the provisions of the Companies Act, 1956 or the Companies Act, 2013 and no proceedings are pending against the petitioner companies under Section 235 to 251 of the Companies Act, 2013 or under relevant provision of the Companies Act, 1956 - In view of absence of any other objections having been placed on record before this Tribunal and since all the requisite statutory compliances having been fulfilled, this Tribunal, sanctions the Composite Scheme of Arrangement, annexed as Annexure "9" with the Company Petition as well as the prayer made therein. The scheme is approved.
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