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2017 (1) TMI 1269 - HC - Companies LawScheme of demerger - Held that:- As in view of the approval accorded by the shareholders and creditors of the Petitioner Companies and the report filed by the Official Liquidator and the representation/affidavit filed by the Regional Director, whereby no objections to the Scheme have been raised, there is no impediment to grant of sanction to the Scheme. Consequently, sanction is hereby granted to the Scheme under Sections 391 and 394 of the Act. In terms of the provisions of Sections 391 and 394 of the Act and in terms of the Scheme, (a) Transferor Company No. 1 shall amalgamate with Transferee/Demerged Company; (b) Transferor Company No. 2, Transferor Company No. 3 and Transferor Company No. 4 shall amalgamate with Transferee/Demerged Company; and (c) the Demerged Undertaking (as defined in the Scheme) of the Transferee/Demerged Company shall demerge to the Resulting Company, as on the Appointed Date (as defined in the Scheme) without any further act or deed. Similarly, in terms of the Scheme, all the liabilities and duties of the Transferor Companies be transferred to the Transferee Company and all liabilities and duties of the Demerged Undertaking be transferred to the Resulting Company without any further act or deed.
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