TMI Blog2016 (4) TMI 435X X X X Extracts X X X X X X X X Extracts X X X X ..... ATE FOR THE RESPONDENT : MR KSHITIJ AMIN FOR MR DEVANG VYAS, ADVOCATE COMMON ORAL ORDER 1. These petitions have been filed by the two Petitioner Companies for sanctioning of the Scheme of Amalgamation of Zydus Healthcare Limited (Transferor Company) with German Remedies Limited (Transferee Company) (Scheme). 2. The Petitioner of the Company Petition No. 62 of 2016, i.e., Zydus Healthcare Limited, had filed an application in this Court, being Company Application No. 57 of 2016, for dispensing with the convening and holding of the meetings of the Equity Shareholders and Creditors (whether Secured or Unsecured) of the said Company. This Court, vide its order dated 12.02.2016, inter alia, dispensed with the convening and holdi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he hearing of the petition in the English daily, Indian Express and the Gujarati daily newspaper, Sandesh , both Ahmedabad editions in Company Petition Nos. 62 and 63 of 2016. This Court had dispensed with the publication of the notice in the Gujarat Government Gazette. 5. Pursuant to the order dated 17.2.2016, the Petitioners of Company Petition Nos. 62 and 63 of 2016 have published the notice of the hearing of the petition in the English daily newspaper, Indian Express and in the Gujarati daily newspaper, Sandesh , both Ahmedabad editions, on 24.2.2016. The affidavits of service, on behalf of the petitioner Companies, both dated 14.3.2016, have been filed, confirming the publication of the notices in the newspapers, as directed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... compliance with Accounting Standard14. It is further observed by the Regional Director in paragraph 2 (f) of the said common affidavit, that this Court be pleased to direct the Petitioner Companies to undertake compliance of the Income Tax Act and Rules. 10. Heard Mr. Sandeep Singhi, Advocate for Singhi Co, on behalf of the Petitioner Companies, Mr. Kshitij Amin, learned Central Government Standing Counsel for Mr. Devang Vyas, learned additional Solicitor General of India appearing for the Central Government and the Official Liquidator. 11. Mr. Sandeep Singhi, learned Advocate for the Petitioner Companies states, that the one of the Petitioner Companies, namely German Remedies Limited has filed the necessary affidavitinreply dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) of the common affidavit, the Petitioner Company has stated, in paragraph 5 of its reply, that the Scheme is in compliance with the provisions of Section 2(1B) of the Income Tax Act, 1961. 15. In response to the notice to the Official Liquidator in Company Petition No. 62 of 2016, the Official Liquidator has filed his report dated 22.3.2016. On perusal of the said report, the Official Liquidator, at paragraph 16, have submitted that the affairs of the Transferor Company, has not been conducted in a manner prejudicial to the interest of its members or to the public interest. In respect of the observations made by the Official Liquidator in paragraph 17 of the report, the said company has filed an affidavit dated 22.3.2016, ensuring compl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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