TMI Blog2016 (2) TMI 818X X X X Extracts X X X X X X X X Extracts X X X X ..... f Section 2(g)(iv) to become the conveyance. Such “conveyance” was presented within one year as above for the purpose of stamp duty, the same was therefore regularly presented. The impugned orders taking view that stamp duty and penalty was payable as presentation was not within one year from the date of the order of the Company Court are not liable to be sustained. They are therefore hereby quashed and set aside. It appears from order dated 28th January, 2011 in the petition that petitioner had paid 25% of the total amount at the time of preferring Appeal before the Chief Controlling Revenue Authority and had also paid remaining 75% subsequently under protest. As the impugned orders are set aside, consequences including refund of the said amount to the petitioner, shall follow. - SPECIAL CIVIL APPLICATION NO. 345 of 2011 - - - Dated:- 4-2-2016 - MR.N.V.ANJARIA, J. FOR THE PETITIONER : MR GAURANG H BHATT, ADVOCATE FOR THE RESPONDENT : MS JYOTI BHATT, AGP ORAL JUDGMENT A Scheme of Amalgamation of one M/s.Usman Paper Mills with the petitioner company was sanctioned under Sections 391 and 394 of the Companies Act, 1956 by the Company Court by common order d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... view of the consent letters obtained from the Shareholders and the Secured and Unsecured Creditors, approving the Scheme, having been placed on record vide order dated 26/12/2003 in Company Application Nos. 599 600 of 2003. 4 After the petitions were admitted the same were duly advertised in Newspapers Indian Express (English Daily)- Vadodara Edition and Gujarat Mitra (Gujarati Daily)-Surat Edition, on 24/03/2004. The publication in Government Gazette was dispensed with as directed in order dated 11/3/2004. No one has come forward with any objections to the petitions even after publication of the advertisement. 5 Notice of admission of petition of Transferor Company was served on Official Liquidator attached to the High Court of Gujarat. He has placed on record report dated 13/09/2004 along with report of Auditors appointed for the purpose of scrutiny and investigation. The report states that the affairs of the Transferor Company have not been conducted in any manner prejudicial to the interest of Members of the Company or the public interest. 6 Notice of admission of petition of the Transferee Company has also been served on the Central Government and Smt.P.J.Davawala, lear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n further help in revival of the applicant unit. (d) Once Usman Paper Mills Pvt.Ltd. is taken over as going concern by way of amalgamation, the paper mill will be operated for three shifts which will also assure additional turnover and it will also contribute by way of higher excise duties and sales-tax to the ex-chequer of the Govt.of India/Gujarat . The minutes further record that it was decided to submit the minutes of the meeting to BIFR with due recommendation for acceptance of DRS as submitted by the Company . (Para 8) (emphasis for the present case) No other objections are raised by anybody. In view of the aforesaid fact situation it is apparent that the amalgamation would be in the interest of the Companies, their Members and their Creditors. There is no reason to withhold sanction to the Scheme of Amalgamation. Prayers in terms of paragraph No.15.(a) of Company Petition No.5 of 2004 and Company Petition No.4 of 2004 are hereby granted to the effect that arrangement embodied in the Scheme (Annexure-C) is hereby sanctioned so as to be binding on all Members, Shareholders and other persons concerned under the Scheme of Compromise with effect from the appoint ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the date of its execution or first execution, and such person brings to the notice of the Collector the fact that such instrument is not duly stamped and offers to pay to the Collector the amount of the proper duty, or the amount required to make up the same, and the Collector is satisfied that the omission to duly stamp such instrument has been occasioned by accident, mistake or urgent necessity he may instead of proceeding under section 33 and 39, receive such amount and proceed as next hereinafter prescribed. 6. Recapitulating the facts and the dates, the order of amalgamation by the Company Court came to be passed on 29th October, 2004. The same was, as noted above, subject to the requisite orders of sanction to be passed by the BIFR. Certified copy became available to the petitioner on 11th January, 2005, however since the implementation of the order was conditional on the approval of BIFR, the same was presented before the said authority. BIFR accorded sanction to the Scheme of Amalgamation in BIFR Case No.264 of 2002 on 07th June, 2005. The petitioner submitted the order of this Court along with copy of the Scheme of Amalgamation and other requisite documents before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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