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2016 (7) TMI 216 - GUJARAT HIGH COURT

2016 (7) TMI 216 - GUJARAT HIGH COURT - TMI - Scheme of Amalgamation is sanctioned. The sanction of the scheme is subject to the sanction of the Scheme by the Hon’ble High Court of Judicature at Bombay in the petition tiled by the Transferee Company. It is further directed that the petitioner companies shall preserve their books of accounts, papers and record and shall not to dispose of the records without the prior permission of the Central Government under Section 396-A of the Companies Act, 1 .....

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ES FOR THE RESPONDENT : MR KSHITIJ AMIN, CENTRAL GOVERNMENT STANDING COUNSEL for MR DEVANG VYAS, ASSISTANT SOLICITOR GENERAL OF INDIA 1. The present petitions are filed under the provisions of Sections 391 to 394 of the Companies Act, 1956 seeking sanction of the Scheme of Amalgamation of SNK Etax Solutions Limited and SNK And Taj Solutions Private Limited with SNK Solutions Private Limited. It is reported that as the registered office of the SNK Solutions Private Limited, the Transferee Company .....

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on of the meetings of the Equity Shareholders and Unsecured Creditors of the petitioner company. 3. SNK Etax Solutions Limited, another Transferor Company, filed Company Application No. 117 of 2016 seeking dispensation of the meetings of the Equity Shareholders and Unsecured Creditors. It is reported that there are no secured creditors. By an order dated 5.4.2016 passed in Company Application No. 117 of 2016, this Court ordered dispensation of the meetings of the Equity Shareholders and Unsecure .....

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ular daily Sandesh , having circulation in Surat. 6. Pursuant to the order dated 18.4.2016, the petitioners have published the notice of petition in Gujarati Daily Sandesh and English Daily lndian Express , both having circulation in Surat on 25.4.2016. The Authorised Signatory of both the petitioner companies have filed the affidavit in support of publication of advertisements dated 30.4.2016. 7. In response to the notice issued, the Regional Director has filed a common affidavit dated 24.6.201 .....

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ubmitted on behalf of petitioners that the report of the Regional Director itself shows that pursuant to the letter of the Regional Director, no adverse remarks are received from the Income Tax Department. Without prejudice, it is submitted that the petitioner companies undertake to comply with the applicable provisions of the Income Tax Act and the Rules. 9. The Official Liquidator has filed separate reports dated 29.6.2016 in both the petitions. The reports of the Official Liquidator confirm t .....

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es to ensure statutory compliances of all applicable laws. 10. Having heard Mr. Navin K. Pahwa, learned Counsel for the petitioner companies. Mr. Kshitij Amin, learned Central Government Standing Counsel for Mr. Devang Vyas, Learned Assistant Solicitor General of India for the Regional Director and upon perusal of the reports of the Official Liquidator and the Regional Director, the reply affidavit tiled on behalf of the petitioner Transferor Companies and having considered the Scheme of Amalgam .....

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