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2016 (6) TMI 1059 - GUJARAT HIGH COURTScheme of Arrangement in the nature of Amalgamation - Held that:- Considering all the facts and circumstances and taking into account all the contentions raised by the affidavits and reply affidavits, undertakings provided vide the additional affidavit dated 11th June 2016, we are satisfied that the observations made by the Regional Director, Ministry of Corporate Affairs, do not survive. The present Scheme of Arrangement is in the interest of its shareholders and creditors as well as in the public interest and the same deserves to be sanctioned and the same is hereby sanctioned. The Reduction of Preference Share Capital of the Transferee Company as set out in Clause 14 of the Scheme and paragraph 11 of the petition is hereby confirmed. The minutes under Sec. 103(1) as per paragraph 12 of the petition is hereby approved.
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