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2017 (11) TMI 1753 - Tri - Companies LawScheme of amalgamation - adherence to accounting treatment - Held that:- Perusal of the scheme shows that the accounting treatment is in conformity with the established accounting standards. In short, there is no apprehension that any of the creditors would lose or be prejudiced if the proposed scheme is sanctioned. The said scheme of amalgamation will not cast any additional burden on the stakeholders and also will not prejudicially affect the interests of the any class of the creditors in any manner. The appointed date of the said scheme is January 1, 2017. There is no additional requirement for any modification and the said scheme of amalgamation appears to be fair and reasonable and is not contrary to public policy and not violative of any provisions of law. All the statutory requirements of sections 230 to 232 of the Companies Act, 2013 are complied with. Taking into consideration the above facts, the company petition is allowed and the scheme of amalgamation annexed with the petition is hereby sanctioned which shall be binding on the members, creditors of the transferor/transferee companies. While approving the scheme as above, it is further 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, as per the relevant provisions of law or from any applicable permissions that may have to be obtained, or compliances that may have to be made as per the mandate of law. The companies to the said scheme or other person interested shall be at liberty to apply to this Bench for any direction that may be necessary with regard to the working of the said scheme. The transferor companies will stand dissolved without winding up from the date of the filing of the certified copy of this order with the Registrar of Companies.
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