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IN RE : SPHERE CUBE INFRASTRUCTURE PRIVATE LIMITED

2016 (3) TMI 603 - GUJARAT HIGH COURT

Scheme of Amalgamation - Held that:- The 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. The Official Liquidator, however, has requested this Court to direct the petitioner 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.

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O. 31 of 2016, COMPANY APPLICATION NO. 2 of 2016 - Dated:- 15-2-2016 - SMT. ABHILASHA KUMARI, J. FOR THE PETITONER : MR. NAVIN K PAHWA, ADVOCATE FOR THAKKAR AND PAHWA ADVOCATES, ADVOCATE FOR THE RESPONDENT : MR. KSHITIJ AMIN, CENTRAL GOVERNMENT STANDING COUNSEL FOR MR DEVANG VYAS, ADVOCATE ORAL ORDER 1 The present petition is filed 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 Sphere Cube Infrastructur .....

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No. 3 of 2016, allowed the said application. Accordingly, no separate petition on behalf of the Transferee Company is filed. 3 Sphere Cube Infrastructure Private Limited, the Transferor Company, filed Company Application No. 2 of 2016, seeking dispensation of the meetings of the Equity Shareholders and Unsecured Creditors. By an order dated 06.01.2016, passed in Company Application No. 2 of 2016, this Court ordered dispensation of the meetings of the Equity Shareholders and Unsecured Creditors. .....

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to the order dated 28.1.2016, the petitioner has published the notice of the petition in the Gujarati daily newspaper LoksattaJansatta and English daily newspaper Indian Express , both having circulation in Vadodara, on 10.2.2016. The Authorized Signatory of the petitioner company has filed an affidavit dated 15.2.2016, in support of the publication of the advertisements. 6 In response to the notice, the Regional Director has filed an affidavit dated 10.3.2016, making only one observation. The .....

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petitioner that the report of the Regional Director, itself, shows that pursuant to the letter of the Regional Director, no adverse remarks, within the stipulated period of time, are received from the Income Tax Department. As per the circular dated 15.1.2014 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 Ta .....

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dicial to the interest of its members or to the public interest. The Official Liquidator, however, has requested this Court to direct the petitioner 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. 9 Having heard Mr. Navin K Pahwa, learned Counsel for the petitioner company, Mr. Kshitij Amin, learned Central Government Standing Counsel for Mr. Devang Vyas, l .....

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