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IN RE : JAYKRISHNA MAGNETICS PRIVATE LIMITED

2016 (7) TMI 217 - GUJARAT HIGH COURT

Scheme of Amalgamation is sanctioned. As directed that the petitioners shall preserve their books of Accounts, papers and records and shall not dispose of the records without the prior permission of the Central Government under Section 396A of the Companies Act, 1956. The petitioner shall further ensure statutory compliance of all applicable laws. On the sanctioning of the Scheme of Amalgamation, the Petitioner Companies shall not be absolved of any of their statutory liabilities. The petitioner .....

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MR. R.M.CHHAYA, J. FOR THE PETITIONER : MR BHARAT T RAO, ADVOCATE FOR THE RESPONDENT : MR DEVANG VYAS, ADVOCATE ORAL JUDGMENT 1. The present petitions are filed under the provisions of Sections 391 to 394 of The Companies Act,1956, seeking the sanction of this Court to the Scheme of Arrangement in the nature of amalgamation of Jaykrishna Magnetics Private Limited, transferor company with Vatsal Magnetics Private Limited, the transferee company. 2. Mr. Bharat T. Rao, learned advocate for the pet .....

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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 Petition No. 124 of 2016 i.e. Jaykrishna Magnetics Private Limited, had filed Company Application No.42 of 2016, for requisite directions for dispensing with the convening and holding of the meetings of the Equity Shareholders, Secured Creditors and Unsecured Creditors of the petitioner Company. This Court, by its order dated 29.02.2016, .....

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tions and directed the issuance of notice to the Regional Director and publication of the common notice of the hearing of the petitions in the local daily newspapers, both English and vernacular editions. 5. Pursuant to the order dated 29.02.2016, the petitioner Companies have published the notice of the hearing of the petitions in Gujarati daily newspaper Sandesh in the Ahmedabad edition and the English daily newspaper Indian Express in the Ahmedabad edition. On 2.6.2016, the authorized Directo .....

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f 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 ₹ 3,00,000/- divided in to 3000 Equity Share of ₹ 100/- each and Subscribed and Paid Up Capital of the Transferee Company is ₹ 2,39,000/- divided in to 2 .....

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eme which is produced with the memo of petition at page no.159. With regard to the second query in GroundD of the reply, about the compliance with the provisions of The IncomeTax Department etc. The Director undertook on oath that the transferor and transferee companies shall comply with the provisions of the Income Tax Act as stated in the letter of the Income Tax Department upon which reliance has been placed by the office of the Regional Director and it being statutory provisions, the transfe .....

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count, 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 consid .....

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