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2016 (2) TMI 93 - GUJARAT HIGH COURT

2016 (2) TMI 93 - GUJARAT HIGH COURT - TMI - Scheme of Amalgamation is sanctioned. It is, however, directed that the petitioner Transferor Company shall preserve its books of accounts, papers and record and shall not dispose of the records without the prior permission of the Central Government under Section 396A of the Companies Act, 1956.

The costs of both the petitions are determined at ₹ 7,500/each, payable to Shri Devang Vyas, learned Assistant Solicitor General of India. Th .....

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d under the provisions of Sections 391 to 394 of the Companies Act, 1956, seeking the sanction of this Court for the Scheme of Amalgamation of Alok Buildcon Private Limited with Anant Projects Private Limited. 2. Anant Projects Private Limited, the Transferee Company, filed Company Application No.361 of 2015, seeking dispensation of the meeting of the Equity Shareholders. The petitioner submitted that this being the Transferee Company, the meetings of the Creditors are not required to be held. B .....

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By an order dated 26.11.2015, passed in Company Application No.362 of 2015, this Court ordered dispensation of the meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors. 4. The petitioners, thereafter, filed Company Petition Nos.417 and 418 of 2015, seeking the sanction of the Scheme of Amalgamation. 5. By separate orders dated 07.12.2015, this Court admitted the petitions and directed the issuance of notice to the Regional Director in the cases of both the Companies and .....

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ndian Express', having circulation in Ahmedabad, on 15.12.2015. The Authorised Officers of both the petitioner Companies have filed affidavits dated 06.01.2016, 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 01.01.2016, making only one observation. The observation made by the Regional Director is with regard to the comments from the Income Tax Department. The affidavit records th .....

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t of the Regional Director, itself, shows that pursuant to the letter of the Regional Director, no adverse remarks, within the stipulated period of time, have been received from the Income Tax Department. As per Circular dated 15.01.2014, issued by the Ministry of Corporate Affairs, it is stipulated that, 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 Departm .....

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rest of its members or to the public interest. The Official Liquidator has, however, requested this Court to direct the petitioner Transferor Company to preserve its books of accounts, papers and records and not to dispose of the records without the prior permission of the Central Government under Section 396A of the Companies Act, 1956. 10. Having heard Mr.Navin K. Pahwa, learned advocate for Thakkar and Pahwa, Advocates, on behalf of the petitioner Companies, Mr.Kshitij Amin, learned Central G .....

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