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2009 (5) TMI 550 - HIGH COURT OF KARNATAKADemerger - Compromise and arrangement - Held that:- The object of the arrangement of demerger is to concentrate and focus on specific areas of mining depending on the nature of the minerals and with a view to consolidate the business of the transferor company and to enable the transferee companies to concentrate on specific minerals and for achieving organizational efficiency and optimal utilization of various resources. Since there are no objections raised by the Regional Director and the petitioners submit that they would comply with the requirements as necessitated and expressed in the affidavit of the Registrar of Companies on behalf of the Regional Director and since the entire arrangement is with a view to enhance the business prospects of the petitioners - companies, on the basis of their economic prudence. No reason to decline the arrangement and, accordingly, sanction the scheme of arrangement as envisaged under Annexure-A by the four petitioners - companies. Scheme of arrangement allowed.
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