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2013 (10) TMI 1050 - DELHI HIGH COURTCompromise and Arrangement u/s 391 to 394 of Companies Act – Sanction of Scheme – Held that:- No objection had been received to the Scheme of Amalgamation from any other party - Director of the Petitioner/Transferor Company, had filed an affidavit confirming that neither the Petitioner Company nor its Legal Counsel had received any objection pursuant to citations published in the newspapers. In view of the approval accorded by the Shareholders and Creditors of the Petitioner/Transferor Company, representation/reports filed by the Regional Director and the Official Liquidator, attached with this Court to the proposed Scheme of Amalgamation, there appears to be no impediment to the grant of sanction to the Scheme of Amalgamation - sanction was granted to the Scheme of Amalgamation under Sections 391 and 394 of the Companies Act, 1956 - The petitioner/Transferor Company will comply with the statutory requirements in accordance with law. Certified copy of the order will be filed with the Registrar of Companies within 30 days from the date of receipt of the same. In terms of the provisions of Sections 391 and 394 of the Act, and in terms of the Scheme, the whole of the undertaking, the property, rights and powers of the Petitioner/Transferor Company be transferred to and vest in the Transferee Company without any further act or deed - all the liabilities and dues of the Petitioner/Transferor Company will be transferred to the Transferee Company without any further act or deed - the order will not be construed as an order granting exemption from payment of stamp duty or taxes or any other charges, if payable in accordance with any law, or permission/compliance with any other department which may be specifically required under any law - The Transferor Company shall stand dissolved without following the process of winding up – Petition was allowed.
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