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2016 (11) TMI 212 - PUNJAB AND HARYANA HIGH COURTScheme of Arrangement and Amalgamation - Held that:- On consideration of all the relevant facts and the procedural requirements in terms of Section 391-394 of the Act and the relevant Rules and on due consideration of the reports of the Regional Director, Ministry of Corporate Affairs, New Delhi and the Official Liquidator, the Scheme of Arrangement and Amalgamation is hereby sanctioned and as a result thereto, the Assets and Liabilities of the Maghan Pulp and Paper Industries Private Limited (Transferor Company) shall stand vested in Maghan Paper Mills Private Limited (Transferee Company) and the Transferor Company shall be dissolved without being wound up. The Transferor and Transferee Companies shall comply with the provisions of Accounting Standard-14 of Institute of Chartered Accountant of India as has been undertaken. The Scheme of Arrangement and Amalgamation shall be binding on the Petitioner-Transferor and Transferee Companies, their respective Shareholders, Creditors and all concerned.
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