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In Re : York Calltech Private Limited and Valley Computech Limited and Uphill Farms Private Limited

2016 (1) TMI 669 - PUNJAB AND HARYANA HIGH COURT

Scheme of Amalgamation - Held that:- In view the procedural requirements under Section 391 to 394 of the Companies Act, 1956 and as well as relevant affidavit and rules and due consideration of the reports of the Regional Director, Ministry of Corporate Affairs, Noida, and the Official Liquidator, the Scheme of Amalgamation of Petitioner Company-1/Amalgamating Company, Petitioner company-2/ Amalgamating Company and Petitioner Company-3/ Amalgamated Company is hereby sanctioned and both the Amalg .....

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ipt of the same.

Copy of this order be published in 'Indian Express' (English), 'Jansatta' (Hindi) both Delhi/NCR editions and Official Gazette of Haryana.

Any interested person shall be at liberty to apply to this Court for any directions as per law.

It is made clear that in case any demand in future is made by the Income Tax from the Petitioner/Amalgamating Company-1 & 2, the Amalgamated Company shall make the payment. - CP No. 11 of 2015(O&M) connected with CP .....

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Company-2/ Amalgamating Company with Petitioner company -3/ Amalgamated Company. This Court vide order dated 9.1.2015 in CP No.2 of 2015 was pleased to dispense with holding of meetings of equity shareholders and unsecured creditors of the Amalgamating and Amalgamated Companies . There was no secured creditors of the aforesaid companies and the first motion petition was disposed of. Copy of Board of resolution of amalgamation of Amalgamating Company Nos. 1, 2 and amalgamated Company No.1 have be .....

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ed to cause publication in the newspapers namely 'Indian Express' (English), 'Jansatta' (Hindi) both Delhi NCR Editions as well as in the official Gazette of Haryana. The affidavit of publication has also been filed. As per report of Mr. A. K. Chaturvedi, Regional Director, Ministry of Corporate Affairs, Noida, it is borne out that since the details of assets of liabilities to be transferred will become the part of the formal Orders of this Court, therefore there is no purpose of .....

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er Companies may be advised to file the Balance Sheet of year ended 31.3.2015 and shift the appointed date to 1.4.2015 to avoid the practical difficulty of finalizing the Balance sheet for the year ended 31.3.2015 and identifying the actual assets and liabilities to be transferred as on the appointed date. 16. The answering Deponent in this connection most respectfully submits that since the details of assets and liabilities to be transferred will become the part of the formal Orders of this Hon .....

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he report of the Chartered Accountant, it is borne out that the affairs of the Transferor Company had not been conducted in a manner not pre judicial to the interest of its Shareholders, Members, Creditors or to the Public interest. As per report of the Official Liquidator, it has been stated that the Chartered Accountant has pointed out that Petitioner/Amalgamating Company No.1 had obtained some loans from the Holding Company, which are interest free loans, and thus there is no repayment schedu .....

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