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TMI Blog2016 (8) TMI 615X X X X Extracts X X X X X X X X Extracts X X X X ..... Limited (Transferor Company 3/Petitioner Company 3), Marshall Investment And Trading Company Private Limited (Transferor Company 4/Petitioner Company 4), Syracuse Investment And Trading Company Private Limited (Transferor Company 5/Petitioner Company 5) and Srestha Holdings Private Limited (Transferor Company 6/Petitioner Company 6) with Devakar Investment And Trading Company Private Limited (Transferee Company/Petitioner Company 7). This petition is jointly filed by all the Petitioners-Companies under Sections 391 to 394 of the Companies Act, 1956 [for short 'the Act'] for first and second motion. Convening of meetings of Shareholders of Petitioner-Companies No.1 to 7 and Secured/Unsecured Creditors of Petitioner-Companies were dispensed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties as stated above before actual merger takes place and the aforementioned companies may be directed to fulfill their tax liabilities which may arise in the near future arising out of assessment/penalty /appellate proceedings. Copy of the letters of Income Tax Department is enclosed herewith as Exhibit-C for kind perusal of the Hon'ble Court." The learned Senior Counsel, in view of the above observation has referred to sub Clause viii of Clause V of Part II of the Scheme vide which it has been stated that all the unsecured debts, liabilities, taxes, statutory expenses etc. of the Transferor Companies shall be vested or deemed to be and stand vested, without any further act, instrument or deed, to the Transferee Company, pursuant t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wound up. The Scheme of Amalgamation shall be binding on the Petitioner- Transferor and Transferee Companies, their respective Shareholders, Creditors and all concerned. Let formal order of sanction of the Scheme of Amalgamation be drawn in accordance with law and its certified copy be filed with the Registrar of Companies within 30 days from the date of receipt thereof. A notice of the order be published in 'Financial Express' (English) and 'Punjab Kesri' (Hindi), both Punjab Edition and in the Official Gazette of Government of Punjab. Any person interested shall be at liberty to apply to the Court for any direction(s) as per law. Learned counsel for the Petitioner-Companies stated that the Petitioner-Companies would voluntarily depo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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