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2013 (11) TMI 87 - DELHI HIGH COURTSanction of the Scheme of Amalgamation - Held that:- In view of the approval accorded by the shareholders of the Petitioner Transferor Company as well as the Transferee Company by giving their consent to the Scheme in writing and the Court waiving the convening and holding of the meetings of the shareholders and the creditors of the Petitioner Transferor Company by order dated 5th December, 2012; representation/reports filed by the RD and the OL to the proposed Scheme and the reply Affidavit in response to the reports of the RD and the OL filed by the Petitioner Transferor Company there appears to be no impediment to the grant of sanction to the Scheme. Consequently, sanction is hereby granted to the Scheme under Sections 391 and 394 of the Act. The Petitioner Transferor Company will comply with the statutory requirements in accordance with law - The certified copy of the order shall be filed with the Registrar of Companies 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, business, properties, assets, rights and powers of the Petitioner Transferor Company be transferred to and vest in the Transferee Company as a going concern without any further act or deed. Similarly, in terms of the Scheme, all the liabilities, duties and obligations of the Petitioner Transferor Company be transferred to and vest in the Transferee Company without any further act or deed. Upon the Scheme coming into effect, the Petitioner Transferor Company shall stand dissolved without winding up - Petition allowed.
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