TMI Blog2016 (6) TMI 902X X X X Extracts X X X X X X X X Extracts X X X X ..... APPLICATION NO. 187 of 2016 - - - Dated:- 16-6-2016 - MR. R.M.CHHAYA, J. FOR THE PETITIONER : MRS SWATI SOPARKAR, ADVOCATE FOR THE RESPONDENT : MR KSHITIJ AMIN, CENTRAL GOVERNMENT STANDING COUNSEL for MR DEVANG VYAS, ADVOCATE ORAL JUDGMENT 1. Mrs. Swati Soparkar, learned advocate for the petitioner has tendered additional affidavit dated 15.6.2016, which is taken on record. 2. This is a petition filed by the Petitioner Resulting Company for sanction of a Scheme of Arrangement in the nature of Demerger and Transfer of Investment Business of SPS Share Brokers Private Limited, the Demerged Company to Khandwala Enterprise Private Limited, the Petitioner Resulting Company, under Section 391 to 394 of the Companies Act, 19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... place on record the consent letter from its Secured Creditor in compliance with the contractual terms. The petitioner company has now placed on record the approval to the proposed Scheme from its sole Secured Creditor. 5. The substantive petition was then filed and admitted vide order dated 28th April 2016. The public notices for the same were duly advertised in the newspapers Indian Express English daily and Sandesh , Gujarati daily, both Ahmedabad edition dated 12th May 2016. The publication in the Government gazette was dispensed with. Affidavit dated 16th May 2016 confirm the same. No one has come forward with any objections to the said petition even after the publication and the same has been further confirmed by the additional ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as envisaged by the relevant circular of the Ministry of Corporate Affairs, it can be presumed that the Income Tax dept. has no objection to the proposed scheme of arrangement. The petitioner company agrees to comply with the applicable provisions of the Income Tax Act and rules. (iii)It has been further submitted that there are no complaints received by the Registrar of Companies as confirmed by para 2 (e). The Regional Director has vide the observation 2 (f) 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. 8. Considering all the facts and circumstances and the contentions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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