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2008 (9) TMI 568 - HIGH COURT OF ALLAHABADScheme of Demerger - Compromise and arrangement - Held that:- It is sufficient to state here that scheme does not violate any of the provisions of law and is not in violation of the public interest or the interest of the shareholders or creditors of the company. With regard to Accounting Standard-14 a statement was given in Delhi High Court that since the Transferor- Company will merge into Transferee-Company, the Accounting Standard-14 will be followed. In the present case there is no amalgamation but demerger of the business of the petitioner company with the Transferee-Company. No objection has been filed to the scheme of demerger. The company petition is allowed. The scheme so far as it provides for demerger of the demerged company within the jurisdiction of this Court, is sanctioned with 1-10-2007 as appointed date. The effective date will be the date on which the order of this Court will be filed in the office of the Registrar of the Companies. The office will draw formal order within four weeks, to be filed with the Registrar of Companies within two weeks, thereafter. List of assets and liabilities of the demerged company will be made part of the scheme.
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