TMI Blog2016 (6) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... ers and record and shall not to dispose of the records without the prior permission of the Central Government under Section 396A of the Companies Act, 1956. - COMPANY PETITION NO. 116 of 2016, In COMPANY APPLICATION NO. 106 of 2016 - - - Dated:- 14-6-2016 - MR. R.M.CHHAYA, J. FOR THE PETITIONER : THAKKAR AND PAHWA ADVOCATES, ADVOCATE FOR THE RESPONDENT : MR KSHITIJ AMIN, ADVOCATE for MR DEVANG VYAS, ADVOCATE ORAL ORDER 1. The present petition is filed under the provisions of Sections 391 to 394 of the Companies Act, 1956 seeking sanction of the Scheme of Amalgamation of Sheth Housing Finance Private Limited with Swapna Srushti Horizon Private Limited. 2. It is submitted on behalf of the petitioner that Swapna Srush ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.5.2016. The Director of the petitioner company has filed the affidavit in support of publication of advertisements dated 3.6.2016. In the said affidavit, it is also stated that after the publication of notices in the respective newspapers, no objections are received. 6. In response to the notice issued, the Regional Director has filed a common affidavit dated 7.6.2016 making two observations. The first observation is with regard to Clause 11 of the Scheme which provides for Accounting Treatment of Assets, Liabilities and Reserves of the Transferee Company. According to the Regional Director, the petitionercompany has not complied with the requirements of Accounting Standard14. The second observation made by the Regional Director is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s would undertake compliance of the income Tax Act and the Rules made thereunder. 9. The Official Liquidator has filed his report dated 9.6.2016. The report of the Official Liquidator confirms that the affairs of the transferor company have not been conducted in a manner prejudicial to the interest of its members or to the public interest. The Official Liquidator, however, has requested this Court to direct the petitioner to preserve its books of accounts, papers and records and not to dispose of the records without the prior permission of Central Government u/s. 396A of the Companies Act, 1956. 10. Having heard Mr. Navin K. Pahwa, learned Counsel for the petitioner company, Mr. Kshitij Amin, learned counsel for the Regional Director ..... X X X X Extracts X X X X X X X X Extracts X X X X
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