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2016 (1) TMI 622 - PUNJAB AND HARYANA HIGH COURT

2016 (1) TMI 622 - PUNJAB AND HARYANA HIGH COURT - TMI - Sanction of Scheme of merger - Scheme of merger is hereby sanctioned with the direction to follow all the procedural formalities. - CP No. 101 of 2015 (O&M) - Dated:- 6-10-2015 - Mr. Rajesh Bindal, J. For The Petitoner : Mr. Deepak Suri, Advocate. Mr. Deepak Aggarwal, Advocate, with Mr. D. K. Singh, Official Liquidator. Rajesh Bindal, J. In this petition, the petitioner companies seek sanctioning of Scheme of merger (Annexure P-1). It is a .....

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20.3.2015, vide resolutions Annexures P-2 and P-3, respectively. Earlier vide order dated 24.4.2015 passed in CP No. 53 of 2015, this Court dispensed with convening of meetings of equity shareholders of the Transferor and Transferee Companies and unsecured creditors of the Transferee Company, however, meeting of unsecured creditors of the Transferor Company was directed to be convened on 30.5.2015. As there was no secured creditor of both the companies, no meeting was required to be conducted. .....

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' (English) and 'Jansatta' (Hindi), both Haryana 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. Learned counsel for the petitioners submitted that in the report submitted by the Official Liquidator it has been mentioned that the affairs of the company are not being conducted in the manner prejudicial to the interest of the members or against the public interest. He furt .....

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e the effective date has not been made in the Scheme regarding taxes. After hearing learned counsel for the parties, in my opinion, clause 6 of the Scheme, as has been stated by learned counsel for the petitioners, will take care of the pending litigation including the cases referred to in the report of the Official Liquidator pertaining to taxes. Para 6.1 of the Scheme clearly provides that every kind of proceedings, which are pending against the Transferor company shall continue against the Tr .....

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