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2016 (3) TMI 465 - GUJARAT HIGH COURT

2016 (3) TMI 465 - GUJARAT HIGH COURT - TMI - Scheme of Amalgamation - Held that:- Official Liquidator report confirms that the affairs of the Transferor Company are not conducted in a manner prejudicial to the interest of its members or to the public interest.

Having heard Mr. Navin K Pahwa, learned Counsel for the petitioner Company, Mr. Kshitij Amin, learned Central Government Standing Counsel for Mr. Devang Vyas, learned Assistant Solicitor General of India for the Regional Direct .....

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the Companies Act, 1956. 11 The cost of this petition is determined at ₹ 7,500/payable to Shri Devang Vyas, learned Assistant Solicitor General of India and the Official Liquidator, respectively. - COMPANY PETITION NO. 32 of 2016, COMPANY APPLICATION NO. 26 of 2016 - Dated:- 11-3-2016 - SMT. ABHILASHA KUMARI, J. FOR THE PETITIONER : MR. NAVIN K PAHWA, ADVOCATE FOR THAKKAR AND PAHWA ADVOCATES, ADVOCATE FOR THE RESPONDENT : MR. KSHITIJ AMIN, CENTRAL GOVERNMENT STANDING COUNSEL FOR MR DEVANG .....

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parate proceedings in respect of the Transferee holding company are required to be undertaken under the provisions of Section 391(2) of the Act. This Court, by an order dated 19.1.2016, passed in Company Application No. 25 of 2016, allowed the said application. Accordingly, no separate petition on behalf of the Transferee Company is filed. 3 Survandan Developers Private Limited, the Transferor Company, filed Company Application No. 26 of 2016, seeking dispensation of the meetings of the Equity S .....

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the Official Liquidator. This Court also directed publication of the notice of the petition in the local daily newspapers, in both the English and Vernacular editions. 5 It is stated that pursuant to the order dated 28.1.2016, the petitioner has published the notice of the petition in the Gujarati daily newspaper LoksattaJansatta and the English daily newspaper Indian Express , both having circulation in Ahmedabad, on 5.2.2016. The Authorized Director of the petitioner company has filed an affi .....

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ax Act and Rules. 7 In response to the affidavit of the Regional Director dated 4.3.2016, the petitioner has filed an affidavit dated 10.03.2016 in which the petitioner has stated that in the event of any demand or liability being created, the same shall be borne by the Transferee Company, as per the Scheme. It is further stated that the petitioner company would undertake the compliance of the Income Tax Act and the Rules made thereunder. 8 The Official Liquidator has filed his report dated 3.3. .....

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