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2021 (2) TMI 719 - Tri - Companies LawApproval of Scheme of Demerger - Section 230 read with Section 232 of the Companies Act, 2013 - HELD THAT:- As required under Rule 16 of the Companies (Compromise, Arrangements and Amalgamations) Rules, 2016 paper publication has been affected in two Newspapers, i.e., the Times of India (English) and Deepika (Malayalam) on 28.02.2020 and no objection has been received from any corner against the Scheme of Demerger of the Petitioner Company - this Bench is of the view that the Scheme of Demerger placed before this Bench on 18.02.2020, can be sanctioned. Hence, this Tribunal Sanction the Scheme of De-merger between M/s. Commodity Online (India) Limited (Demerged Company) with M/s. Celebrus Commodities Limited, 27/540, III Floor, EAK Towers, Main Avenue, Panampilly Nagar, Kochi- 682 036 (the Resultant Company/ Transferee Company) and the Appointed Date of the Scheme is fixed as opening hours of 31st March, 2019. This Tribunal found that the Scheme of Demerger appears to be fair and reasonable and it is also not violative of any provisions of law and is not contrary to any public policy - All the assets and liabilities including taxes and charges, if any, and duties of the Demerger Company, shall, pursuant to Section 232 of the Company Act, 2013, be transferred to and become the liabilities and duties of the Transferee Company M/s Celebrus Commodities Limited. Petition disposed off.
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