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2016 (10) TMI 256 - HC - Companies LawComposite Scheme of Arrangement - Held that:- The observations made by the Regional Director having been addressed, in the opinion of this Court, there does not appear to be any impediment to the grant of sanction to the Composite Scheme of Arrangement, in as much as from the material on record and on perusal of the Scheme, the scheme appears to be fair and reasonable and is not violative of any of public policy. The arrangement under the proposed scheme appears to be in the interest of the Petitioner Transferee Company and its members and creditors and, therefore deserves to be sanctioned. Accordingly, the Scheme as proposed by the Petitioner Company is hereby sanctioned. The same shall be binding upon all the equity shareholders, preference shareholders, secured creditors, unsecured creditors of the Petitioner Companies and all other agencies, departments and authorities of the Central, State and any other local authorities. It is clarified that the implementation of the present order shall be subject to the proceedings filed by the Transferor Company before the High Court of Punjab and Haryana at Chandigarh. The petition is disposed of accordingly
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