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2013 (10) TMI 358 - DELHI HIGH COURTSanction of the Scheme of Amalgamation - Held that:- No objection has been received to the proposed Scheme from any other party. Mr. Sanjay Bhargava, authorized signatory of the Petitioner companies, has filed an affidavit dated July 19, 2013 confirming that the Petitioner companies have not received any objection pursuant to citations published in the said newspapers - In view of the approval accorded by the shareholders and creditors of the Petitioner companies, representation/reports filed by the RD and the OL, and no objections received to the proposed Scheme, there appears to be no impediment to grant of sanction to the Scheme. Consequently, sanction is hereby granted to the Scheme under Sections 391 and 394 of the Act. The Petitioner companies will comply with the statutory requirements in accordance with law - The certified copy of the order will be filed with the ROC within 30 days from the date of receipt of the same. In terms of Sections 391 and 394 of the Act and in terms of the Scheme, the whole of the undertaking, the property, rights and powers of the Transferor company shall be transferred to and vest in the Transferee company without any further act or deed. Similarly, in terms of the Scheme, all the liabilities and duties of the Transferor company shall be transferred to the Transferee company without any further act or deed. Upon the Scheme coming into effect the Transferor company shall stand dissolved without winding up. It is, however, clarified that 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; or permission/compliance with any other requirement which may be specifically required under any law - Petition allowed.
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