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2009 (9) TMI 581 - HIGH COURT OF GUJARATScheme of amalgamation challenged - Held that:- Merely because the concerned chartered accountants had in the past worked for the transferor company, they do not come under the influence of the transferor company or its board of directors. The appellants have not even remotely suggested that the chartered accountants or experts were acting under the influence of or under the instruction of the transferor company or of any of its directors or officers. It is undisputed that the procedure set out in section 391 of the Act has been followed ; the proposed scheme has been approved by the requisite majority. The learned company judge has recorded satisfaction that the valuation of properties of the transferor company and the transferee company was made by experts by known and accepted methods. Appeal dismissed.
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