TMI Blog2016 (4) TMI 1016X X X X Extracts X X X X X X X X Extracts X X X X ..... on this order along with the Scheme as shall be authenticated by the Registrar, High Court of Gujarat. The petitioner is directed to lodge the copy of this order as on the date of this order and Scheme duly authenticated by the Registrar, High Court of Gujarat. The Registrar, High Court of Gujarat shall issue the authenticated copy of this order along with the Scheme, within 7 days of the passing of this order. - COMPANY PETITION NO. 411 of 2015, COMPANY APPLICATION NO. 344 of 2015 - - - Dated:- 21-4-2016 - SMT. ABHILASHA KUMARI, J. FOR THE PETITIONER : MR PAVAN S GODIAWALA, ADVOCATE FOR THE RESPONDENT : MR KSHITIJ AMIN FOR MR DEVANG VYAS, ADVOCATE ORAL ORDER 1. Heard Mr.Pavan S. Godiawala, learned advocate for the pe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ursuant to the service of the notice, the Regional Director filed his affidavit dated 01.03.2016. The affidavit contains observations at paragraph2 (c) in respect of clause Nos.10(d) (g) of the Scheme. It is observed that, clause10(g) is not in accordance with the Accounting Standard14, as required. As per the requirement of the AS14, the excess of assets over liabilities should be credited to the Amalgamation Reserve Account and the shortfall, if any, should be debited to the Goodwill Account only. Further, it is observed that, the petitioner company has proposed in the Scheme to transfer such excess of Net Assets Value to General Reserve Account of Transferee company and, hence, it is urged that the petitioner company be directed to com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r. 9. Considering the above submissions and explanation, the queries of the Regional Director have been met with by the petitioner. It is, therefore, ordered that, the Scheme, at Exhibit C to the petition, is sanctioned and the prayers as prayed at paragraph12 (a) in the petition are granted. This order of sanction is subject to any order that shall be made by the High Court of Kolkata in the proceedings taken out by the Transferor Company. 10. The petitioner is directed to pay fees amounting to ₹ 7,500/to Mr.Devang Vyas, learned Assistant Solicitor General of India. 11. Filing and issuance of drawn up orders are dispensed with. All the concerned authorities to act on this order along with the Scheme as shall be authenticat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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