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2015 (7) TMI 414 - AT - Companies LawAcquisition of shares/ voting rights - Contravention of Regulation 10 of the SEBI (Takeover Regulations), 1997 - Ground taken by appellant that Management has changed through a Scheme of Arrangement - Held that:- The Scheme of Arrangement as approved by the two Hon’ble High Courts clearly provides that from the appointed date all debts, liabilities, duties, obligations of every kind, nature and description of the transferor companies shall also be deemed to be transferred to the transferee companies. In fact this is also the spirit of sections 391 to 394 of the Companies Act, 1956. Moreover, as noted in the impugned order, it is an undisputed fact that the appellants have not made any public announcement inspite of having acted in concert and acquiring more than 30 percent of the voting rights of Axon Infotect Limited. Therefore, we hold that mere change of name of a company does not wash away the liabilities despite the change of name of that of the promoters or the directors. - Decided against the appellant.
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