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IN RE : RAJSHA CHEMICALS PRIVATE LIMITED

2016 (4) TMI 1016 - GUJARAT HIGH COURT

Scheme of Arrangement - Held that:- 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.

The petitioner is directed to pay fees amounting to ₹ 7,5 .....

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ted 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 petitioner. 2. The present petition is filed, seeking a prayer to sanction the Scheme of Arrangement in .....

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re the High Court of Kolkata. Considering the consents letters, this Court vide order dated 05.11.2015, passed the order dispensing with the respective meetings and allowed the prayers, as sought in the application. 4. The petitioner, thereafter, preferred the present petition. The petition came to be admitted on 02.12.2015 and directions were given to issue notice to the Regional Director and for the publication of notice of the petition in the Gujarati Daily Newspaper Vadodara Samachar and the .....

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tains 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 .....

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inst the Scheme of Amalgamation of the petitioner companies. At paragraph2 (f), it is observed that, there is no other objection except what is stated hereinabove, and that the Scheme of Arrangement in the nature of Amalgamation of the Transferor Company namely M/s.Ross Chempack Private Limited with petitioner Transferee company namely M/s.Rajsha Chemicals Private Limited, may be considered on merits by the Court after considering the above submissions. 7. In response to the above observations, .....

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