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2016 (5) TMI 663 - HC - Companies LawComposite Scheme of Arrangement of amalgamation - Held that:- There does not appear to be any impediment to the grant of sanction to the Scheme of Arrangement, inasmuch as from the material on record and on a perusal of the Scheme, the Scheme appears to be fair and reasonable and is not violative of any provisions of law, nor is it contrary to public policy. The Arrangement under the proposed Scheme appears to be in the interest of the company and their members and creditors and, therefore, deserves to be sanctioned. Accordingly, the Scheme, as proposed by the Petitioner Company, is hereby sanctioned. It is however, clarified that the sanctioning of this Scheme would not absolve anyone who is otherwise liable for any responsibility or liability, only on account of the sanctioning. The Petitioner Company shall pay towards professional charges to learned Assistant Solicitor General ₹ 7,500/. The Petitioner Company is further directed to lodge a copy 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.
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