TMI Blog2016 (1) TMI 995X X X X Extracts X X X X X X X X Extracts X X X X ..... urt finds it appropriate to grant sanction to the present Scheme of Arrangement. In view of the above, the Scheme of Arrangement is sanctioned. The costs of these petitions are determined at ₹ 7,500/each payable to Shri Devang Vyas, learned Assistant Solicitor General of India. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t required to be held. By an order dated 24.08.2015, 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 Director in the case of both the Companies. This Court also directed the publication of the notice of the petition in the English daily newspaper 'Times Of India' and the Vernacular daily ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent. 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 action proposed under Sections 391 to 394 of the Companies Act, 1956. In any case and without prejudice to the above, the petitioner Company submits that it would undertake the compliance of the Income Tax Act and the Rules made thereunder. 9. 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 Counse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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