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2017 (1) TMI 829 - HC - Companies LawScheme of demerger - Held that:- The said Scheme is not prejudicial to the interest of any person or entity, which has a stake/interest in the petitioners. The said scheme as framed is not violative of any statutory provisions. The proposed scheme, as formulated, is fair, just, sound and is not contrary to any public policy or public interest. No proceedings appear to be pending under the provisions of Sections 231 to 251 of the Companies Act, 1956. All the statutory provisions appear to have been complied with. Consequently, there shall be an order approving the scheme of arrangement (Demerger) between M/s.Renaissance RTW Asia (P) Limited (Demerged company) and M/s.RC Colours Private Limited (Resulting company), with effect from 01.01.2016, as per the procedure laid down under Sections 391 to 394 of the Companies Act, 1956. Needless to say, the procedure prescribed will be duly complied with.
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