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2016 (10) TMI 285 - GUJARAT HIGH COURTScheme of arrangement of demerger - Held that:- 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 19 (a) of the Co. Petition No. 317 of 2016 for the Demerged Company and paragraph 22 (a) of the Co. Petition No. 318 of 2016 for the Resulting Company are hereby granted. The petitions are disposed of accordingly. So far as the costs to be paid to the Central Govt. Standing Counsel is concerned, quantify the same at ₹ 7,500/per petition. The same may be paid to the learned Standing Counsel appearing for the Central Govt. The petitioner companies are further directed to lodge a copy of this order, the detailed schedule of immovable assets of the Demerged Undertaking of the Demerged Company viz. Manufacturing Division of Amazon Textiles Private Limited 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 alongwith a copy of the scheme with the concerned Registrar of Companies, electronically, along with INC28 in addition to physical copy as per relevant provisions of the Act.
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