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2016 (5) TMI 1110 - HC - Companies LawScheme of arrangement of demerger - Held that:- It is seen that approval is accorded by share holders and creditors of the companies, reports are filed by the Regional Director aforesaid and OL before this Court. In view of these reports, it appears that in absence of any objection, there is no impediment to grant sanction to the scheme of arrangement. Resultantly, sanction is hereby granted to the scheme of arrangement under Section 391 to 394 and 100 to 103 of Companies Act, 1956 and Section 52 of Companies Act, 2013. The said scheme shall be read as part of this order. In the aforesaid factual backdrop, reduction of issued, subscribed and paid up share capital of the Demerged Company, the use of the words “and reduced” in the Demerged Companies name is dispensed with. The Demerged Companies may utilize the security premium account and reduce its issued, subscribed and paid up share capital in accordance with the said scheme. In addition, the petitioner companies shall comply with all statutory requirements in accordance with law. Certified copy of this order shall be filed before the Registrar of Companies as per the requirement of the said Companies Act and Rules made thereunder. The Resulting Company is further directed to file the copy of this order along with copy of the scheme of appointment and other relevant documents with concerned Collector of Stamp/Superintendent of Stamp for the purpose of adjudication and payment of appropriate stamp duty in accordance with law.
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