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2020 (3) TMI 1382 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABAD BENCHSeeking sanction of the scheme of arrangements in the nature of demerger as well as the restructure of the equity share capital - section 230-232 r/w 66 of the Companies Act, 2013 - HELD THAT:- Considering the entire facts and circumstances of the case and on perusal of the Scheme and the documents produced on record, it appears that all the requirements of section 230 and 232 of the Companies Act, 2013 are satisfied and the Scheme is not prejudice to the interest of shareholder(s) and creditor(s) as well as in the public interest. The Scheme which is at Annexure- 'F' to the petition is hereby sanctioned and it is declared that the same shall be binding on the petitioner companies, their shareholders, secured creditors and unsecured creditors and all concerned under the scheme. The proposed amendments of the Memorandum of Association of the Petitioner De-merged Company and the Resulting Company with regard to changes in the Authorised Capital and the Objects Clause of the Petitioner companies as envisaged under Clause Il are hereby granted. The change of name of the petitioner companies shall be subject to the confirmation by Registrar of Companies for availability of such names. The reduction of the Share Capital of the Resulting Company as envisaged under Clause 12 of the Scheme is allowed. Petition allowed - decided in favor of petitioner.
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