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TMI Blog2009 (5) TMI 550X X X X Extracts X X X X X X X X Extracts X X X X ..... s. Geomysore Service India Private Limited which is a transferor company. Company Petition No. 14/2009 is filed by M/s. Premier Nickel Mines Private Limited which is transferee company No. 1; Company Petition No. 15/2009 is filed by M/s. Marwar Mineral Exploration Private Limited, which is transferee company No. 2; Company Petition No. 16/2009 is filed by M/s. Premier Minerals Exploration Private Limited which is transferee company No. 3. 3. The scheme of arrangement between the aforesaid four companies is produced as Annexure-A in Company Petition No. 13/2009. On perusal of the same, it is noticed that the three transferee companies which are wholly owned subsidiaries of the transferor company are all involved in the business of explorati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and unsecured creditors of each of the above four companies. Thereafter, the companies herein presented the petitions on 21-1-2009 and this court by order dated 5-2-2009 directed notice to the Regional Director, Department of Company Affairs. Southern Region and also that the notice of the petitions be published in 'The Hindu' and 'Kannada Prabha' daily newspapers fixing the date of hearing as 13-3-2009. The advertisements were taken on 20-2-2009 in 'The Hindu' newspaper and on 19-2-2009 in 'Kannada Prabha' newspaper with regard to all the four petitioners. Pursuant to the advertisements taken out in the petitions, no objections were received from any quarter. 6. In response to the notice, the Regional Director filed his report making f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... who are shareholders in the transferor company and hence the transferee companies have to comply with the requirements of the Foreign Exchange Management Act [FEMA] and the Reserve Bank of India Act with regard to the allotment of shares to the shareholders of the transferee company. 12. In reply, learned counsel for the petitioner submits that the petitioner-companies would comply with all the requirements mentioned in the affidavit of the Registrar of Companies on behalf of the Regional Director and that the scheme may be approved. 13. On perusal of the material on record, it is noted that the object of the arrangement of demerger is to concentrate and focus on specific areas of mining depending on the nature of the minerals and with a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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