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2016 (3) TMI 602 - HC - Companies LawAmalgamation and restructuring - Held that:- This Court is of the view that the observations made by the Regional Director, Ministry of Corporate Affairs, do not have been suitably redressed. This Court is of the view that based upon the material on record, it can be concluded that the present Scheme of Arrangement, in its modified form, is in the interest of the shareholders and creditors of all the companies as well as in the public interest, therefore, the same deserves to be sanctioned. Hence the following order: The prayers in terms of paragraph 21 (a) of Company Petition No.17 of 2016, and paragraph 18 (a) of Company Petition No.18 of 2016 are hereby granted. The petitions are disposed of, accordingly. So far as the costs to be paid to the Central Government Standing Counsel are concerned, they are quantified at ₹ 7,500/- per petition. The same may be paid to Mr.Devang Vyas, learned Assistant Solicitor General of India. Costs to be paid to the Office of the Official Liquidator are quantified at ₹ 7,500/- per petition, payable only by the Transferor Company. The same may be paid to the Office of the Official Liquidator. The petitioner companies are further directed to lodge a copy of this order, the schedule of immovable assets of the Windmill Undertaking being transferred and that of the remaining undertaking of the Transferor company, being transferred to Transferee Company, as on the date of this order and the Scheme duly authenticated by the Registrar, High Court of Gujarat, with the concerned Superintendent of Stamps, for the purpose of adjudication of stamp duty, if any, on the same within 60 days from the date of the order. The Petitioner companies 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 INC28 in addition to physical copy as per relevant provisions of the Act.
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