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2016 (9) TMI 21 - HC - Companies LawScheme of demerger - Held that:- Scheme of Demerger as proposed is in the interest of the company and its members and is not otherwise prejudicial to public interest. This Court doth hereby sanction the Scheme of Demerger set forth in the petition and this Court does hereby declare the same to be binding on the petitionerCompany and all the members and creditors of the petitionerCompany and all other concerned parties and does hereby approve the said scheme of the demerger with effect from the appointed date i.e. 1st April 2016. This Court doth further order :- A. That the scheme of demerger embodied in the petition is hereby sanctioned by this Court so as to be binding with effect from 1st April 2016 which is the appointed date, on the petitionerCompany and all their members and creditors and all other persons concerned pursuant to the provisions of Sections 391 to 394 of the Companies Act, 1956. B. That the petitionerCompany shall within 30 days after the date signing of this order or within such other time as may be permitted by this Honourable Court cause a certified copy of the order to be delivered to the Registrar of Companies, Gujarat at Ahmedabad for registration under Section 391 of the Companies Act, 1956. C. That any parties to the Scheme of Demerger and/or any person or persons interested shall be at liberty to apply to this Court for any directions that may be necessary in regard to the working of the arrangement embodied in the Scheme of Demerger as sanctioned herein; and D. This Court doth further order payment of ₹ 10,000/as costs of this petition awardable to learned Additional Solicitor General of India.
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