TMI Blog2016 (5) TMI 1110X X X X Extracts X X X X X X X X Extracts X X X X ..... eduction of issued, subscribed and paid up share capital of the Demerged Company, the use of the words “and reduced” in the Demerged Companies name is dispensed with. The Demerged Companies may utilize the security premium account and reduce its issued, subscribed and paid up share capital in accordance with the said scheme. In addition, the petitioner companies shall comply with all statutory requirements in accordance with law. Certified copy of this order shall be filed before the Registrar of Companies as per the requirement of the said Companies Act and Rules made thereunder. The Resulting Company is further directed to file the copy of this order along with copy of the scheme of appointment and other relevant documents with concern ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 015 and 31.07.2015 of Demerged Company and Management certified provisional financial statement as on 30.09.2015 of Resulting Company is also annexed with the Company Petition (M) No.15/2015. The petitioner has filed copies of resolution passed by respective Board of Directors of petitioner companies approving the scheme of arrangement. It is declared that no proceedings under Sections 235 to 251 of Companies Act, 1956 and their corresponding provision under the Companies Act, 2013 is pending against the petitioner companies. 4. It is seen that this petition is in sequel to earlier Company Application (M) No.15/2015, wherein a direction was sought for dispensing with the requirement of convening meeting of shareholders and creditors. Thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ensure compliance of FEMA and RBI guidelines in this regard which were issued from time to time. It is further stated that the scheme proposes transferring demerged undertaking, namely, M/s Diligent Power Pvt. Ltd. It is prayed that this Court may direct the petitioner companies to obtain licences, approvals and other permissions if required from any other regulatory authority/concerned department/Ministry to carry on the activities of power generation business and to follow all the procedures in accordance with law. Lastly, in candid words, it is stated that OL has not received any complaint against the scheme from any person interested in the scheme. 8. Shri Chaturvedi contends that an affidavit dated 22.01.2016 is filed in pursuance ..... X X X X Extracts X X X X X X X X Extracts X X X X
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