TMI Blog2012 (12) TMI 801X X X X Extracts X X X X X X X X Extracts X X X X ..... of the contravention of provisions of FEMA forwarded and the Compounding Authority of the Reserve Bank of India was pleased to compound the contraventions in accordance with the Foreign Exchange (Compounding Proceeding) Rules 2000. No objection has been received to the Scheme of Amalgamation from any other party there appears to be no impediment to the grant of sanction to the Scheme of Amalgamation - The petitioner companies will comply with the statutory requirements in accordance with law with filing certified copy of the formal order with the ROC within 30 days - the whole or part of the undertaking, the property, rights and powers with all the liabilities and duties of the Transferor Company be transferred to and vest in the Tran ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on record. 6. It has been submitted that no proceedings under Sections 235 to 251 of the Companies Act, 1956 is pending against the Petitioner Company. 7. So far as Share Exchange ratio is concerned, the Scheme provides that upon amalgamation of the Transferor Company with the Transferee Company pursuant to the Scheme of Amalgamation, the following would be the share Exchange Ratio: 1 (One) Equity Shares of Re.1/- (Rupee One ) each of the Transferee Company for every 1 (One) Equity Shares of Re.1/- (Rupee One ) each held in the Transferor Company-TEN PEBBLES MANAGEMENT PRIVATE LIMITED. 8. The Petitioner Company had earlier filed CA (M) No. 131 seeking directions of this Court for dispensation/convening of meetings. Vide or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Petition on the Regional Director, Northern Region and the Official Liquidator, and also regarding publication of citations in the aforesaid newspaper on October 13, 2012. Copies of the newspaper cuttings, in original, containing the publications have been filed along with the Affidavit of Service. 10. Pursuant to the notices issued, the Official Liquidator sought information from the Petitioner Company. Based on the information received, the Official Liquidator has filed his report dated December 11, 2012 wherein he has stated that he has not received any complaint against the proposed Scheme from any person/party interested in the Scheme in any manner and that the affairs of the Transferor Company do not appear to have been conducted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same was reported to New Delhi Regional Office of Reserve Bank of India beyond the prescribed time. (iii) That the Transferor Company had made the application for compounding of the contravention of the abovementioned provisions of Foreign Exchange Management Act. And the Compounding Authority of the Reserve Bank of India was pleased to compound the abovementioned contraventions in accordance with the Foreign Exchange (Compounding Proceeding) Rules 2000. 13. No objection has been received to the Scheme of Amalgamation from any other party by either of the Petitioner Company or the counsel. Mr. Rajul Garg, the Director of the respective petitioner companies had given his affidavit dated December 10, 2012 confirming that neither the Pe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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