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2012 (11) TMI 264 - DELHI HIGH COURTScheme of Arrangement - Held that:- The Official Liquidator in his report has stated that the authorized share capital of the Transferor Companies shall be merged and added to the authorized share capital of the Transferee Company. Also that no complaint has been received against the proposed Scheme from any person/party interested in the Scheme in any manner and that the affairs of the Transferor Company No. 1 & 2 do not appear to have been conducted in a manner prejudicial to the interest of its members or to public interest as per the second proviso of Section 394(1) of the Companies Act, 1956. MCA has filed his Affidavit that all the employees of the Transferor Companies shall become the employees of the Transferee Company without any break or interruption in their services upon sanctioning of the Scheme by the Court. The Scheme provide the Accounting Treatment in detail, which is in accordance with Accounting Standard issued by the Institute of Chartered Accountants of India. As the Transferor Company is a non-banking finance company and registered with the Reserve Bank of India it needs to inform Reserve Bank of India within 1(one) month from the date of order of court about amalgamation. No objection has been received to the, Scheme from any other party,thus sanction is hereby granted to the Scheme under Sections 391 and 394 of the Act with a direction to comply with all the statutory instructions as directed - this order will not be construed as an order granting exemption from payment of stamp duty or taxes or any other charges, if payable in accordance with any law.
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