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2017 (4) TMI 1257 - Tri - Companies LawScheme of Amalgamation - Held that:- Objectors did not participate in the meeting when the scheme was considered and approved, so to raise any such objection at the court stage is afterthought, and do not merit consideration, because the commercial decisions of the entities cannot be interfered by the court. Therefore, the objections of the objectors stand rejected, being devoid of merits. Perusal of the scheme shows that the accounting treatment seems to be in conformity with the established accounting standards. In short, there is no apprehension that any creditors would lose or be prejudiced if the proposed scheme is sanctioned. The said Scheme of amalgamation will not cost any additional burden on the stakeholders and also it will not prejudicially affect the interests of any class of the creditors in any manner. The Appointed date of the said Scheme is 1st January, 2014. We do not feel that any modification is required in the said Scheme of amalgamation as the same appears to be fair and reasonable, not contrary to public policy and also not violative of any provisions of law. All the statutory compliances have been fulfilled. Taking into consideration all the above, the Company Petitions are allowed and the scheme of amalgamation annexed with the petition is hereby sanctioned which shall be binding on the Transferor Companies, the Transferee Company and secured & unsecured creditors both.
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