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2016 (7) TMI 32 - GUJARAT HIGH COURTScheme of Arrangement in the nature of Demerger and Transfer of the demerged Undertaking - Held that:- The observations made by the Regional Director, Ministry of Corporate Affairs, have been suitably addressed and hence do not survive. This court has come to 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. Prayers in terms of paragraph 23(a), and (b) of the Company Petition No. 186 of 2016 for the Demerged Company including the Restructure of Share Capital in form of Utilisation of Securities Premium Account to the extent required as proposed vide clause 15 of the scheme are hereby granted. Similarly prayers made in terms of paragraph 17 (a) of the Company Petition for the Resulting Company are hereby granted.The petitions are disposed of accordingly.
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