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2014 (1) TMI 1818 - GUJARAT HIGH COURTScheme of demerger - Held that:- The observations made by the Regional Director, Ministry of Corporate Affairs, do not survive as we have come to the conclusion that the present scheme of arrangement is in the interest of its shareholders and creditors as well as in the public interest and the same deserves to be sanctioned. However considering the objections of the Regional Director as noted in paragraph 11(d) above and considering the fact that the Petitioners have, as noted in paragraph 13(d) above, also no objection for deletion of the proviso to Clause 40 of the Scheme, direct that the modified Scheme after deletion of the proviso to Clause 40 is hereby sanctioned. The Reduction of share capital of the Resulting Company and reduction in the share premium account of the Demerged Company and the Resulting Company as envisaged in their respective Petitions are approved and the Minutes dealing with respective reduction of the Petitioner Companies being Annexures U and R are hereby approved.
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