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2016 (1) TMI 547 - PUNJAB AND HARYANA HIGH COURT

2016 (1) TMI 547 - PUNJAB AND HARYANA HIGH COURT - TMI - Sanction of Amalgamation and Arrangement - Scheme of Amalgamation and Arrangement is hereby sanctioned with the direction to follow all the procedural formalities. - CP No. 132 of 2015 (O&M) - Dated:- 19-10-2015 - Rajesh Bindal, J. For The Petitoner : Mr. Atul V. Sood, Advocate. Mr. Deepak Aggarwal, Advocate, with Mr. D. K. Singh, Official Liquidator. In this petition, the petitioner companies seek sanctioning of Scheme of Amalgamation (An .....

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meetings held on 20.4.2015 have approved the Scheme. Copies of the same have been annexed at Annexures P-6 and P-7, respectively. Earlier vide order dated 25.5.2015, passed in CP No. 75 of 2015, this Court had dispensed with convening of meeting of the Equity Shareholders of the Petitioner Transferee Company. As there was no secured creditor of the petitioner company, no meeting was required. It was further directed to convene the meeting on 18.7.2015 of the Unsecured Creditors of the Petitioner .....

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#39; (English) and 'Jansatta' (Hindi), both Delhi/ NCR Editions, and in the official Gazette of Government of Haryana. The aforesaid order has been complied with and affidavit to this effect has been placed on record. While referring to the report dated 8.10.2015 by way of affidavit of A. K. Chaturvedi, Regional Director, Northren Region, Ministry of Corporate Affairs, filed by the Official Liquidator today in Court, learned counsel appearing for Official Liquidator submitted that the Re .....

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hereof that the petitioner company shall comply with all provisions applicable to it pertaining to FEMA/ RBI Act, Income Tax Act, 1961 or any other law or regulation. Heard learned counsel for the parties and perused the paper book. The only issue raised by the Regional Director is regarding compliance to the provisions of FEMA/RBI Act. Clause 15.7 of the Scheme takes care of the issue of shares of the Transferor company. The same are extracted below:- 15.7 The Transferee Company shall, if and t .....

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r Transferee Company that it shall comply with all provisions applicable to it pertaining to FEMA/ RBI Act, Income Tax Act, 1961 or any other law or regulations. The petitioner- company has confirmed that there are no proceedings under Sections 235 to 251 and Sections 397-398 of the Companies Act, 1956 and the relevant provisions of Companies Act, 2013 pending against it. For the reasons afore-stated and on consideration of all the relevant facts and the procedural requirements contemplated unde .....

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