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2016 (4) TMI 270 - HC - Companies LawScheme of Arrangement in the nature of Demerger and Transfer of the demerged Undertaking - Held that:- As the contentions raised in the affidavits and reply affidavits, the undertakings provided vide the additional affidavit dated 31st March 2016 and the consent letters of the Secured Lenders placed on record vide the affidavit dated 1st April 2016, this Court is satisfied that the observations made by the Regional Director, Ministry of Corporate Affairs, have been suitably addressed and no longer survive. From the material on record, it appears that the present Scheme of Arrangement is in the interest of its shareholders and creditors, as well as in the public interest, therefore, the same deserves to be sanctioned. The prayers in terms of Paragraph 18(a), (b) and (c) of Company Petition No.34 of 2016 for the Demerged Company including the reduction of capital as proposed vide clause 12 of the Scheme are hereby granted. The minutes under Section 103(1) in terms of Paragraph12 are hereby granted. Similarly, the prayers made in terms of Paragraph17(a) of Company Petition No.35 of 2016 for the Resulting Company are also granted. The petitions are disposed of, accordingly. Insofar 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.
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