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2016 (1) TMI 995 - GUJARAT HIGH COURT

2016 (1) TMI 995 - GUJARAT HIGH COURT - TMI - Scheme of Arrangement - Demerger and transfer of Roorkee Division of Alpha Packaging Private Limited into Alpha Plastomers Private Limited - Held that:- Having heard Mr.Navin K. Pahwa, learned advocate for Thakkar and Pahwa, Advocates, learned advocate for the petitioner Companies, Mr.Kshitij Amin, learned Central Government Standing Counsel on behalf of Mr.Devang Vyas, learned Assistant Solicitor General of India for the Regional Director and upon p .....

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a.

The petitioner Companies shall lodge a copy of this order and the Scheme duly authenticated by the Registrar, High Court of Gujarat, with the concerned Superintendent of Stamps, for the purpose of adjudication of Stamp Duty, if any, on the same within 60 (sixty) days from the date of the order.

The petitioners are directed to file a copy of this order along with a copy of the Scheme with the Registrar of Companies, electronically, along with requisite Form in addition to .....

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panies Act, 1956 seeking the sanction of this Court for the Scheme of Arrangement, in the nature of Demerger, and transfer of Roorkee Division of Alpha Packaging Private Limited into Alpha Plastomers Private Limited. 2. Alpha Packaging Private Limited, the Demerged Company, filed Company Application No.260 of 2015, seeking dispensation of the meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the petitioner Company. By an order dated 24.08.2015, passed in Company A .....

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passed in Company Application No.261 of 2015, this Court ordered the dispensation of the meeting of the Equity Shareholders and further ordered that this being the Resulting Company, the meeting of the Creditors is not required to be held. 4. The petitioner, therefore, filed Company Petition Nos.295 and 296 of 2015, seeking the sanction of the Scheme of Arrangement. 5. By separate orders dated 04.09.2015, this Court admitted the petitions and directed the issuance of notice to the Regional Dire .....

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circulation in Surat, on 23.09.2015 and 24.09.2015 respectively. The Authorised Director of both the Companies has filed affidavits dated 12.10.2015 and 15.10.2015, respectively, in support of the publication of the advertisements. 7. In response to the notice issued, the Regional Director has filed a common affidavit dated 06.01.2016, making only one observation. The observation made by the Regional Director is with regard to the comments from the Income Tax Department. The report records that .....

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gional Director, itself, shows that pursuant to the letter of the Regional Director, no adverse remarks, within the stipulated period of time, are received from the Income Tax Department. As per Circular dated 15.01.2014 of the Ministry of Corporate Affairs, it is stipulated if no response is received from the Income Tax Department within a period of fifteen days from the receipt of the notice by the Regional Director, it may be presumed that the Income Tax Department has no objection to the act .....

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