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TMI Blog2016 (7) TMI 217X X X X Extracts X X X X X X X X Extracts X X X X ..... e Limited, the transferee company. 2. Mr. Bharat T. Rao, learned advocate for the petitioners, has submitted that Vatsal Organics Private Limited, the Transferee Company in the Scheme of Arrangement in nature of Amalgamation, had earlier filed Company Application No.43 of 2016, seeking an order of dispensation of the meeting of the Equity Shareholders, in view of the written consent given by them to the proposed Scheme of Amalgamation. The Court noted that the applicant, being the Transferee Company, the meeting of the creditors was not required to be held. By an order dated 29.02.2016, this Court was pleased to allow the said application and ordered dispensation of the meetings of the Equity Shareholders. 3. The petitioner of Company Pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... response to the notice issued by this Court, the Regional Director has filed a common affidavitinreply dated 15.6.2006 making two observations, the first observation is in groundC of the reply with regard to typographical error in petition and in the scheme. 7. The second observation is in GroundD of the reply with regard to the compliance of the provisions of the Incometax Act. 8. It was submitted by the Director on behalf of the Company, in the affidavitinrejoinder that the audited report of the Chartered Accountant has been produced with the Company Petition starting from page no.53 and at page no.67, "Authorized Share Capital of the Transferee Company is Rs. 3,00,000/- divided in to 3000 Equity Share of Rs. 100/- each and Subscribed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for a direction to the Company to preserve their books of account, papers and records and not to dispose of the records without the prior permission of Central Government under Section 396 A of the Companies Act, 1956. 10. Having heard Mr. Bharat T. Rao, learned advocate for the petitioner Companies and 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 and after considering the Scheme of Amalgamation, together with the relevant documents on record, this Court finds it appropriate to grant sanction to the present Scheme of Amalgamation. 11. In view of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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