Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2016 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (2) TMI 1116 - HC - Companies LawScheme of amalgamation - Held that:- Having regard to the fact that the transferor company is a wholly owned subsidiary company of the transferee company, inclined to agree with the prayer made in this behalf by the transferor company. As per clause 4.1 of the scheme, in particular, clause 4.1.1, upon the scheme becoming effective, no shares in the transferee company will be allotted in lieu of shares held by it and its nominee in the transferor company. The entire share capital of the transferor company shall stand cancelled and be extinguished without any further act or deed. As also told by the counsel for the transferor company that the interest of the creditors in the transferee company shall remain unaltered. Transferee company need not file a separate or a joint application (which it has not in the present case) for obtaining sanction of the scheme.
|