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2014 (10) TMI 950 - HC - Companies LawScheme of Amalgamation - Held that:- All the observations and comments by the Regional Director made in respect of the Scheme in question have been explained and/or met with and/or do not sustain. The necessary report is produced by the official liquidator. Furthermore, from the material on record and perusal of the Scheme, the Scheme appears to be fair and reasonable and is not in violation of any provisions of law and is not contrary to public policy. None of the parties concerned have come forward to oppose the Scheme except as mentioned above. All requisite statutory compliances are fulfilled. This court is accordingly satisfied that the Scheme of Arrangement in the nature of Amalgamation amongst the petitioner companies deserve to be granted. Accordingly, prayer in paragraph-21(A) both in Company Petition Nos. 152 of 2014 and 153 of 2014, as well as prayer in paragraph-17(a) in Company Petition No. 154 of 2014 are hereby granted. It is further ordered that as required under Section 396-A of the Companies Act, 1956, the transferor companies shall not dispose of or destroy its books of accounts and other connected papers without the prior consent of the Central Government and shall preserve the same. All the three petitions are allowed and disposed of accordingly.
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