TMI Blog2016 (5) TMI 495X X X X Extracts X X X X X X X X Extracts X X X X ..... SPONDENT : MR KSHITIJ AMIN FOR MR DEVANG VYAS, ADVOCATE COMMON ORAL ORDER 1. Heard Mr.Pavan S. Godiawala, learned advocate for the Petitioners. 2. The present petitions are filed seeking the sanction of the Scheme of Arrangement, in the nature of amalgamation of Priyal Plast Private Limited with Lincon Polymers Private Limited, as produced with Exhibit C in both the petitions. 3. It is submitted that the petitioners of both the petitions preferred Company Application No.68 of 2016 (by the Transferee Company) seeking prayers for the dispensation of the meetings of the Equity Shareholders, Secured Creditors, Unsecured Creditors and Unsecured Loan Holders. In Company Application No.69 of 2016 by the Transferor Company, prayer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s served on the Regional Director and the Official Liquidator. 7. Pursuant to the notice, the Regional Director has filed a common affidavit dated 27.4.2016 and the Official Liquidator has filed his report dated 26.4.2016. There are no material observations and queries raised in either the affidavit of the Regional Director or the report of the Official Liquidator, respectively. 8. It is submitted that, in respect of the common affidavit of the Regional Director, at paragraph 2(c) it is submitted that no specific comment has been received from the Income Tax Department about the proposed Scheme. It is further submitted that, no reply has been received from the Income Tax department in this regard. At paragraph 2(d) it is submitted tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and shall not dispose of its records without the prior permission of the Central Government. Further, the petitioners shall comply with all applicable statutory requirements and, upon the Scheme being sanctioned, shall not be absolved of any statutory liabilities. 12. Considering the above submissions and documents, it is ordered that, the Scheme of Arrangement in the nature of amalgamation at Exhibit C of the petitions is sanctioned. The prayers made at paragraph11( a) in both the petitions are granted. 13. The petitioners are directed to pay costs of ₹ 7,500/each to Mr.Devang Vyas, learned Assistant Solicitor General of India and the PetitionerTransferor Company is directed to pay costs of ₹ 7,500/to the office of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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