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2016 (2) TMI 1318 - HC - Companies LawSanction of the Scheme of Amalgamation - Section 391 and 394 of the Companies Act 1956 - HELD THAT:- In terms of the provisions of Section 391 and 394 of the Act, and in terms of the scheme the entire undertaking, properties, rights and powers of the transferor companies, will stand transferred to and/or vest in transferee company, without any further act or deed. Similarly, in terms of the scheme, all liabilities and duties of the transferor companies shall stand transferred to transferee company, without any further act or deed - as per clause 4.12 of the scheme, the transferor companies shall stand dissolved without being wound up. The petitioners will comply with the all provisions of the scheme. In view of the approval accorded to the scheme by the shareholders and unsecured creditors of the petitioners and, given the fact, that the there are no objections by the RD and the OL, there appears to be no impediment in the grant of sanction to the scheme. Consequently, sanction is granted to the scheme in terms of Section 391 and 394 of the Act - Petition allowed.
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