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IN RE BHAIRAVNATH TEXTILE MILLS PRIVATE LIMITED

Scheme of Amalgamation - amendment to clause - Held that:- As the scheme at clause 9(a) is hereby modified and relevant extract of the clause 9(a) be read as: “1(one) Equity shares of ₹ 10/each credited as fully paidup held by such member in the capital of the Transferor Company. In respect to entitlement to a shareholder, the same shall be rounded to the next nearest integer”. The amendment as above is permitted to be carried out in the Scheme.

As per the report of the Official .....

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ted above, in respect of clause 9(a). - COMPANY PETITION NO. 377 of 2015, COMPANY APPLICATION NO. 309 of 2015, COMPANY PETITION NO. 376 of 2015, COMPANY APPLICATION NO. 310 of 2015 - Dated:- 13-1-2016 - SMT. ABHILASHA KUMARI, J. FOR THE PETITONER : MR PAVAN S GODIAWALA, ADVOCATE FOR THE RESPONDENT : MR DEVANG VYAS, ADVOCATE ORAL ORDER 1 The present petitions are filed seeking a prayer for sanctioning of the Scheme at Exhibit C produced with both the petitions. 2 Heard Mr. Pavan S. Godiawala, lea .....

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e same. The copy of the order is produced with Exhibit D to both the petitions. 3 The petitions came to be filed on 23.10.2015 and both the petitions were admitted on 04.11.2015. They were kept for hearing on 03.12.2015. This Court directed the publication of the advertisement in the English daily newspaper Business Standard and the Gujarati daily newspaper Jaihind , both Ahmedabad Editions. Notice was directed to be issued on the Regional Director in both the petitions, while the notice to the .....

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ompany. Some observations are made in the common affidavit of the Regional Director as well as the report of the Official Liquidator. The Regional Director has observed, in paragraph 2 (C) , that there should be compliance with the Accounting Standard 14. He has also made an observation at paragraph 2 (d), that no meeting of the Secured Creditor was held in respect of M/s. Bhairavnath Textile Mills Pvt Ltd. He further made an observation at paragraph 2 (e) about the tax demands on M/s. Rankas Te .....

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ought all other statutory compliance. 5 In response to the observation and queries as raised, the petitioner filed affidavit dated 12.01.2016, answering the said queries. As far as the queries pertaining to the Regional Director are concerned, it is submitted that, the petitioner undertakes to comply with the Accounting Standard 14 and undertakes that, the reserves so created, if any, shall not be available for distribution of dividend. It is further submitted that, there are no Secured Creditor .....

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by the Official Liquidator is concerned, it is submitted in the affidavit at paragraph 5 that, due to a typographical mistake in the Scheme at Clause 9 (a) an error has crept in. The petitioner undertakes to rectify the same in the Scheme. The petitioner also stated that, the petitioner shall maintain the records, accounts, books as per the requirement of law. Considering the response to the observations and queries it is found that, the petitioners have duly replied to the queries and satisfied .....

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