TMI Blog2016 (6) TMI 806X X X X Extracts X X X X X X X X Extracts X X X X ..... ons filed by four companies viz. Tapti Machines Limited, Pelican Packers Limited, Amtrex Ambience Limited and Marg Trading Limited, for the purpose of obtaining the sanction of this court to a Scheme of Amalgamation of three Transferor Companies viz. Tapti Machines Limited, Pelican Packers Limited and Amtrex Ambience Limited with Marg Trading Limited, proposed under section 391 to 394 of the Companies Act, 1956. 2. It has been submitted that all these companies belong to the same group of management and are not operative for some time. The Board of Directors of these Companies thought it appropriate to amalgamate them for synergic benefits. It is envisaged that consolidation and integration of their resources shall help to reduce the ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt letters from all of them, approving the proposed scheme, being placed on record. There are no Secured Creditors of the Transferee Company. 5. The substantive petitions for the sanction of the scheme were filed by these companies which were admitted on 23rd March 2016. The notice for the hearing of the petitions were duly advertised in the newspapers being Indian Express , English daily and Gujarat Samachar , Gujarati daily both Ahmedabad editions of 8th April 2016 and the publication in the Government gazette was dispensed with as directed in the said orders. Affidavits dt. 21st April 2016 confirm the same. No one has come forward with any objections to the said petitions even after the publication and the same has been further conf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kshitij Amin, learned Central Government Standing Counsel has appeared for Mr. Devang Vyas, learned additional solicitor general. An affidavit dt. 1st June 2016 has been filed by Mr. Shambhu Kumar Agarwal, the Regional Director, NorthWestern Region, Ministry of Corporate Affairs, whereby some observations are made. 8. The attention of this court is drawn to the Additional Affidavit dated 10th June 2016 filed by Mr. Devanshu Desai, the Authorised Officer of the Petitioner Companies, whereby all the above issues have been dealt with. I have further heard submissions made by the learned counsel appearing for the Central Govt. and Mrs. Swati Soparkar, learned advocate appearing for the petitioners as follows: (i) It has been submitted tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filing the same as on 31st March 2014, which is delayed due to some technical reasons. The copies of the same are placed on record as Annex.1 and 2 alongwith the affidavit dated 10th June 2016. In view of the same, it is not necessary to issue any further directions to the petitioners. (iv) The observation of the Regional Director made vide para 2(f) pertains to clause 10 (iv) of the Scheme, dealing with the proposed Accounting Treatment in the books of the Transferee Company. The Regional Director has sought the strict compliance with AS14. In this regard, it has been submitted that clause 10 (i) of the Scheme has already envisaged the compliance of the aforesaid standard and the treatment proposed under clause 10(iv) is not in contrave ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e required to be issued to the petitioner companies in this regard. (vi) It has been further submitted that there are no complaints received by the Registrar of Companies as confirmed by para 2 (h). The Regional Director has vide the observation 2 (i) confirmed that it has no other objection except the above and further confirmed that the proposed Scheme is not prejudicial to the interest of the shareholders of the petitioner companies and the public at large. 9. Considering all the facts and circumstances and taking into account all the contentions raised by the affidavits and reply affidavits, undertakings provided vide the additional affidavit dated 10th June 2016, and considering the Judgment relied upon, I am satisfied that the o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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