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2016 (6) TMI 61 - HC - Companies LawSanction of the Amended Scheme of Amalgamation - Held that:- On the consideration of all the relevant facts and the procedural requirements contemplated under Sections 391 & 394 of the Act and the relevant Rules and on due consideration of the report of the Regional Director Northern, Ministry of Corporate Affairs, New Delhi and Official Liquidator, the Amended Scheme is hereby sanctioned subject to sanction of the aforesaid Amended Scheme by the High Court of Delhi in the case of Non-petitioner/Transferor and Transferee companies, and as a result thereof, the assets and liabilities of the petitioner/5th Transferor Company shall stand vested in the Transferee Company and the petitioner/5th Transferor Company shall be dissolved without being wound up. The Transferee Company shall comply with the procedural requirement as per the Accounting Standard 14 (AS 14) issued by the ICAI from time to time as undertaken in Clause 4.10 of Part IV of the Amended Scheme. The Amended Scheme shall be binding on the Transferor and Transferee Companies, their respective Shareholders, Creditors and all concerned.
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