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2022 (5) TMI 85 - Tri - Companies LawSanction of Scheme of Amalgamation - Sections 230-232 of the Companies Act, 2013 - HELD THAT:- From a perusal of the materials placed on record, it appears that the Scheme of Amalgamation annexed to this petition is a fair and reasonable one and does not violate any provisions of law and is not contrary to public policy. As per the Scheme the entire undertaking, assets, business, liabilities of the Transferor Company proposed to be amalgamated and stand vested with the Transferee Company as a going concern - Since all the requisite statutory compliances prescribed under Sections 230 and 232 of the Companies Act, 2013 have been followed, this Tribunal finds that the Scheme of Amalgamation annexed to these Petitions can be sanctioned and made absolute in terms of the prayer (1) in the said Company Petitions. The Scheme is sanctioned, which shall be binding on the Members/Shareholders, Secured Creditors, Unsecured Creditors and employees of the Petitioner Companies. The appointed date of the Scheme is fixed as opening hours of 1st April 2019 for Henry and Farad Private Limited (Transferee Company) and Hesel Engineering Private Limited (Transferor Company) - Application allowed.
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