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IN RE : GUJARAT NIPPON ENTERPRISES PRIVATE LIMITED

2016 (7) TMI 116 - GUJARAT HIGH COURT

Scheme of Amalgamation - Held that:- Upon perusal of the report of the Official Liquidator and the Regional Director, the reply affidavit filed on behalf of the petitioner transferee company and having considered the Scheme of Amalgamation together with relevant documents on record, the Court finds it appropriate to grant sanction to the present Scheme of Amalgamation. - In view of the above, the Scheme of Amalgamation is sanctioned. It is, however, directed that the petitioner Transferor Co .....

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COMPANY APPLICATION NO. 137 of 2016 With COMPANY PETITION NO. 155 of 2016 In COMPANY APPLICATION NO. 138 of 2016 - Dated:- 15-6-2016 - MR. R.M.CHHAYA, J. FOR THE PETITIONER : MR NAVIN K PAHWA, ADVOCATE for THAKKAR AND PAHWA ADVOCATES FOR THE RESPONDENT : MR DEVANG VYAS, ASSISTANT SOLICITOR GENERAL COMMON ORAL JUDGMENT 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 Logic Plastics Private Li .....

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of the equity shareholders and further ordered that this being the Transferee Company, the meeting of the Creditors is not required to be held. 3. Logic Plastics Private Limited, the Transferor Company, filed Company Application No.138 of 2016 seeking dispensation of the meetings of the 'Equity Shareholders and Unsecured Creditors. By an order dated 21.4.2016 passed in Company Application No. 138 of 2016, this Court ordered dispensation of the meetings of the Equity Shareholders of the peti .....

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Liquidator in case of the Transferor Company. This Court also directed publication of notice of petition in English Daily Indian Express and Vernacular daily Sandesh', Ahmedabad Editions. 6. Pursuant to the order dated 2.5.2016, the petitioner has published the notice of petition in Gujarati Daily Sandesh and English Daily "Indian Express' both having circulation in Ahmedabad on 18.5.2016. The Authorised Signatory of both the petitioner companies have filed the affidavit in support .....

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of the Income Tax Act and Rules. 8. In response to the affidavit of the Regional Director dated 3.6.2016, the petitionerTransferee Company in Company Petition No.154 of 2016 has filed its response by an affidavit dated 10.6.2016 giving explanation to the observations of the Regional Director. With regard to the first observation, it is submitted on behalf of petitioner transferee company that as per the Scheme of FEMA, no compliances are necessary for the purpose of the present Scheme. Without p .....

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Tax Act and the Rules made thereunder. 10. 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 permissio .....

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e report of the Official Liquidator and the Regional Director, the reply affidavit filed on behalf of the petitioner transferee company and having considered the Scheme of Amalgamation together with relevant documents on record, the Court finds it appropriate to grant sanction to the present Scheme of Amalgamation. 12. In view of the above, the Scheme of Amalgamation is sanctioned. It is, however, directed that the petitioner Transferor Company shall preserve its books of accounts, papers and re .....

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