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2016 (5) TMI 825 - HC - Companies LawSanction of scheme of demerger - Held that:- No objectionable feature in the Scheme detrimental to the interest of the employees of the Transferor/Demerged Company or of the Transferee/Resulting Companies. Further, the Scheme is fair, just, sound and is not against any public policy or public interest. That apart, no proceedings are pending under sections 235 to 251 of the Companies Act, 1956. Further, all the statutory provisions have been complied with. In fine, there shall be an order, approving the scheme of arrangement for demerger between the Transferor/Demerged Company viz., M/s Arvind Green Infra Private Limited and the Transferee/Resulting Companies viz., M/s Aniruth Green India Private Limited, M/s Aadhav Energy Tech Private Limited and M/s. Apsara Power India Private Limited including reduction of preference share capital of the Demerged Company as per the Scheme, with effect from the Appointed Date, viz.,12th September, 2015, as the procedure laid down under Section 391 to 394 of the Companies Act, 1956 were duly complied with. Hence, the Scheme of Arrangement for Demerger proposed by the petitioners is approved and all the four Company Petitions are allowed as prayed for.
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