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2016 (11) TMI 1191 - HC - Companies LawSanction of the Scheme in the nature of Amalgamation - Held that:- It appears that the observation made by the Regional Director and Official Liquidator have been duly replied by the petitioner. Pursuant to the report of the Official Liquidator, it is ordered that, the petitioner Company shall preserve its books of accounts, papers and records and not dispose of the records without the prior permission of Central Government as per the provisions of Section 396(A) of the Companies Act, 1956. They shall not be absolved from any statutory liability. Further, permission to amend Company Petition No. 136 of 2016 filed by Progressive Invatrade Private Limited, be amended at paragraph 2 by replacing the correct company number is granted. Paragraph 4 in the Company Petition No. 138 of 2016 filed by the Charm Trading and Investment Private Limited is also permitted to be amended in order to incorporate the correct authorized share capital. The Scheme at Clause 2(g) shall consequently be amended. Permission to amend the Scheme at Clause No. 9(a) to (f) to incorporate the correct share exchange ratio is granted and considering the above, consequently, the Scheme with the above modifications, is hereby sanctioned. The prayers made in the petitions are granted.
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