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2016 (10) TMI 516 - HC - Companies LawScheme of arrangement of demerger - Held that:- Considering all the facts and circumstances and taking into account all the contentions raised by the affidavits and reply affidavits, and the submissions during the course of hearing, as satisfied that the observations made by the Regional Director, Ministry of Corporate Affairs, have been redressed satisfactorily. The prayer for amendment made in Company Application as also the amendments sought by the petitioner companies are hereby granted. As come to the conclusion that the present scheme of arrangement in its Modified Form, is in the interest of the shareholders and creditors of all the companies as well as in the public interest and the same deserves to be sanctioned. The modification sought for amending the scheme with regard to clause 1.3 referring to the Appointed Date as 1st July 2016 and Clause 34.1 are specifically granted and the Modified Scheme, as placed on record with the amendment application is hereby sanctioned. Prayers in terms of paragraph 18(a), (b) and (c) of the Company Petition are hereby granted. The restructure of Capital of Aura in form of the utilization of securities Premium as well as Reduction of Issued, Subscribed and Paid Up Equity Share Capital is specifically sanctioned. The minute under Sec. 103 is hereby approved. Prayers in terms of paragraph 15 (a) of the Company Petition paragraph 16(a) in case of Company Petition No. 277 and 278 of 2016 are hereby granted.
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