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2016 (3) TMI 293 - HC - Companies LawScheme of Amalgamation - Held that:- the observations made by the Regional Director and the Official Liquidator stand substantially addressed and hence, there does not appear to be any impediment to the grant of sanction to the Scheme of Amalgamation, inasmuch as from the material on record and on a perusal of the Scheme, the Scheme appears to be fair and reasonable and does not appear to be violative of any provisions of law, nor contrary to the public policy. As noticed earlier, none has come forward to oppose the Scheme. All requisite statutory compliances have also been substantially fulfilled. This Court is, therefore, satisfied that the Scheme of Arrangement in the nature of Amalgamation amongst the petitionerCompanies and their respective shareholders and creditors deserves to be granted. The Scheme of Amalgamation is hereby sanctioned. The same shall be binding upon all the Equity Shareholders, Secured Creditors, Unsecured Creditors of the petitionerCompanies and all other agencies, departments and authorities of the Central, State and any other local authorities. It is ordered that as required under Section 396A of the Companies Act, 1956, the Transferor Company shall not dispose of or destroy their books of accounts and other connected papers without the prior consent of the Central Government and shall preserve the same.The petitionerCompanies are directed to file a copy of this order along with a copy of the Scheme with the concerned Registrar of Companies, electronically, along with EForm INC 28 as per the relevant provisions of the Companies Act.
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