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2015 (7) TMI 22 - HC - Companies LawApplication for dispensation of meeting - Sections 391 & 394 of the Companies Act, 1956 - Error in share exchange ration - Held that:- On an examination of the application, it is noticed that the share exchange ratio as mentioned in the application is adopted from the Valuation Report dated 16th August, 2014 furnished by M/s. P. K. Katyal & Co., Chartered Accountants (page 209, Annexure II). Unfortunately, the applicants adopted the same without maintaining a common sequence in the Memo of Parties. Furthermore, the fourth share exchange ratio mentioned in the valuation report has wrongly been stated in the Scheme. Even though the transferor companies are wholly owned subsidiaries of the transferee company, which is the ultimate beneficiary of this Scheme, but that does not entitle the applicants to present incorrect facts in the application. The application has been drafted in a very casual manner and needs a thorough relook. - Applicants directed to file an affidavit clarifying the aforesaid discrepancies.
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