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2016 (1) TMI 672 - HC - Companies LawScheme of Amalgamation - Held that:- Compliance of procedural requirements contemplated under the Act and the relevant Rules, on due consideration of the reports of Regional Director, Northern Region, Ministry of Corporate Affairs, and the Official Liquidator, the Scheme of Amalgamation is hereby sanctioned. The assets and liabilities of the Transferor Company shall stand vested in the Transferee Company. The Transferor Company shall be dissolved without being wound up. The Transferee Company shall be required to comply with the procedural requirements with regard to all conditions stipulated under the Income Tax Act, Accounting Standards issued by the Institute of Chartered Accountants of India. The Scheme shall be binding on the Transferor and Transferee Companies, their respective Shareholders, Creditors and all concerned. Let formal order of sanction of the Scheme of Amalgamation be drawn in accordance with law and its certified copy be filed with the Registrar of Companies within 30 days from the date of receipt thereof. A notice of the order be published in the 'Indian Express' (English) and 'Des Sewak' (Punjabi) and in the official Gazette of Government of Punjab. Any person interested shall be at liberty to apply to the Court for any direction(s) as per law. Learned counsel for the petitioner companies states that the petitioner – Transferee Company would voluntarily deposit a sum of ₹ 30,000/- in the Common Pool Fund Account of the Official Liquidator within one month.
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