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2016 (12) TMI 1563 - HC - Companies LawScheme of Amalgamation - Held that:- On the consideration of all the relevant facts, the procedural requirements contemplated under Sections 391-394 of the Act, the relevant Rules and on due consideration of the report of the Regional Director, Northern, Ministry of Corporate Affairs, New Delhi, the Composite Scheme of Arrangement is hereby sanctioned and as a result thereof, the assets and liabilities relating to Amalgamating Company No.1 & 2 shall stand vested in the Amalgamated/De-merged company and the Amalgamating Company No.1 & 2 shall be dissolved without being wound up, the assets and liabilities relating to “Demerged Undertaking i.e. Jim Corbett Undertaking” of Amalgamated/Demerged Company shall stand vested in the Resulting Company No.1 and the assets and liabilities relating to “Demerged Undertaking i.e. J.R. Recreation Undertaking” of Amalgamated/Demerged Company shall stand vested in Resulting Company No.2. The Petitioner-Companies shall comply with all the applicable Accounting Standards upon sanctioning of the Scheme. The Scheme shall be binding on the Petitioner-Companies, their respective shareholders, creditors and all concerned. Let formal order of sanction of the Scheme be drawn in accordance with law and its certified copy be filed with the Registrar of Companies within 30 days from the date of receipt of the same.
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