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2009 (9) TMI 588 - HC - Companies LawScheme of amalgamation sanction seeked - Held that:- It is an admitted position that the statutory process for convening of the meeting has been initiated after the ends of the accounting year of 2008-09, i.e., in April 2009. As regards the meeting of the Board of directors is concerned, the same is an internal management of the petitioner-company. The relevant date would be the initiation of the statutory process for convening of the meeting by moving to this court. If the contention is entertained that the Board had passed the resolution in the end of March and, thereafter, this court is moved at the earliest though accounting year is over, it would leave room for large number of uncertainty and it may also leave room for manipulations. Therefore, it appears to the court that if the statutory process is not initiated for convening of the meeting, the appointed date in the scheme normally should not be accepted beyond the date of beginning of such accounting year. No other explanation has come on record which may require this court to take a different view for maintaining the same appointed date as mentioned in the scheme. In view of the aforesaid, the scheme deserves to be modified to the extent that the appointed date shall be 1st April, 2009 and not 1st April, 2008 as provided in the scheme. Hence, order accordingly.
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