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2010 (8) TMI 172 - HC - Companies LawScheme of arrangement in the nature of Amalgamation - Held that:- The observations made by the Regional Director could not come in the way of sanctioning the Scheme by this Court. The Scheme neither violates the provisions of RBI Act nor FEMA Act. It is specifically mentioned in the Scheme that the Scheme is conditional and is subject to (a) the Scheme being approved by the respective requisite majorities of the members from the shareholders and the creditors of each of the amalgamating companies and the amalgamated company under section 391 of the Act and (b) such other provisions if any, as may be required under the provisions of the Foreign Exchange Management Act, 1999. Thus the Company has undertaken to comply with the provisions of the FEMA Act. The Court, therefore, is of the view that Scheme is in the interest of shareholders as well as creditors and it is neither prejudicial to their interest nor to public interest. The Court therefore grants its sanction to the Scheme and prayers made in Para 23(a) of the petition are hereby granted.
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