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IN RE : PRIYAL PLAST PRIVATE LIMITED

2016 (5) TMI 495 - GUJARAT HIGH COURT

Scheme of Amalgamation - Held that:- 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.

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 Official Liquidator. - COMPANY PETITION NO. 72, 73 of .....

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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, prayers were made for the dispensation of the meetings of the Equity Shareholders, Unsecured Creditors and Unsecured Loa .....

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e giving directions for the publication of the notice of the petition in the English daily newspaper Indian Express and the Gujarati daily newspaper LoksattaJansatta , dispensing with the publication in the Government Gazette. 5. The Petitioners preferred separate O.J.Civil Applications seeking the modification of the order of admission, pursuant to the closure of the newspaper edition of the Gujarati Daily newspaper LoksattaJansatta and sought permission for publication in the Gujarati daily ne .....

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idavit 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, n .....

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or to the public interest in terms of the second proviso of section 391(1) of the Companies Act, 1956. Further at paragraph 17 of the report it is submitted that, the petitioner company may be directed to preserve its books of accounts, papers and records and shall not dispose of the records without the prior approval of the Central Government, as per the provisions of the Section 396(A) of the Companies Act, 1956. At paragraph 18 it is submitted by the Official Liquidator that the petitioner c .....

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