TMI Blog2016 (8) TMI 571X X X X Extracts X X X X X X X X Extracts X X X X ..... of this court to a Scheme of Amalgamation of Arvind Envisol Private Limited, the Transferor Company with Arvind Accel Limited, the Transferee Company; proposed under section 391 to 394 of the Companies Act, 1956. 2. It has been submitted that both these companies belong to the same group of management and are engaged in commercial activities which are similar in nature and complimentary to each other viz. providing environmental solutions to achieve Zero Liquid Discharge. The Board of Directors of these Companies thought it appropriate to amalgamate them for synergic benefits. It is envisaged that consolidation of their activities shall be beneficial for rapid growth of operations of the Transferee Company. The petitions provide the deta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with as directed in the said orders. Affidavits dt. 5th July 2016 confirm the same. No one has come forward with any objections to the said petitions even after the publication and the same has been further confirmed by the additional affidavit dated 1st August 2016. 5. Notice of the petition has been served upon the Office of the Official Liquidator for the Transferor company. The report dated 9th August 2016 has been filed by the Official Liquidator after taking into account the report of the Chartered Accountant appointed by him out of the panel. It has been observed by the Official Liquidator that the affairs of the Transferor Company have been conducted within its object clauses and they have not been conducted in any manner prejudi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have further heard submissions made by the learned counsel appearing for the Central Govt. and Mrs. Swati Soparkar, learned advocate appearing for the petitioners as follows: (i) It has been submitted that observations made vide para 2(a), (b) and (c) are factual statements and do not require any response. (ii) The observation made vide para 2(d) pertains to clause 12.2 of the Scheme vide which the name of the Transferee Company is proposed to be changed to Arvind Envisol Limited. The petitioner company has undertaken to comply with the requisite procedure to confirm the availability of name, pay the requisite fees for the same and file the requisite forms with the Registrar of Companies in this regard. In light of the same, it is not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... conclusion that the present scheme of amalgamation is in the interest of its shareholders and creditors as well as in the public interest and the same deserves to be sanctioned and the same is hereby sanctioned. 9. Prayers in terms of paragraph 19(a) of the Co. Petitions No. 238 and 239 of 2016 for the Petitioner Companies are hereby granted. 10. The petitions are disposed of accordingly. So far as the costs to be paid to the Central Govt. Standing Counsel is concerned, I quantify the same at ₹ 7,500/per petition. The same may be paid to the learned Standing Counsel appearing for the Central Govt. Costs to be paid to the Office of the Official Liquidator is quantified at ₹ 7,500/ per petition payable only by the Transfero ..... X X X X Extracts X X X X X X X X Extracts X X X X
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