Home Case Index All Cases Companies Law Companies Law + HC Companies Law - 2016 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (5) TMI 594 - GUJARAT HIGH COURTScheme of Arrangement in the nature of Demerger - Held that:- The observations made by the Regional Director, Ministry of Corporate Affairs do not survive. In fact, most of the observations are frivolous and unwarranted. This Court, therefore, arrives at the conclusion that the present Scheme of Arrangement is in the interest of its Shareholders and Creditors as well as in the public interest and the same deserves to be sanctioned. The Scheme is, accordingly, sanctioned. The Reduction of Issued, Subscribed and Paid up share capital of the Demerged Company viz. Zenith Silk Mills Private Limited as envisaged under clause 14 of the Scheme is specifically granted. The prayers in terms of Paragraph Nos. 17(a) and 17(b) as well as the Minutes under Section 103(1) of the Companies Act, 1956, in terms of Paragraph 14 of the Company Petition No. 340 of 2015 for the Demerged Company viz. Zenith Silk Mills Private Limited and prayers made in Paragraph 15(a) of the Company Petition No. 341 of 2015 for the Resulting Company viz. Zenitex Mill Private Limited are granted.The petitions are disposed, of accordingly. So far as the costs to be paid to the Central Government Standing Counsel are concerned, they are quantified at ₹ 7,500/per petition. The same may be paid to Mr.Devang Vyas, learned Assistant Solicitor General of India. The Petitioner Companies are further directed to lodge a copy of this Order, the Schedule of immovable assets of the demerged undertakings being transferred to the Resulting Company, as on date of this order and the Scheme duly authenticated by the Registrar, High Court of Gujarat, with the concerned Superintendent of Stamps, for the purpose of adjudication of Stamp Duty, if any, on the same within 60 days from the date of the order. The Petitioner Companies are directed to file a copy of this Order along with a copy of the Scheme with the concerned Registrar of Companies, electronically, along with INC–28 in addition to physical copy as per relevant provisions of the Act.
|