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IN RE : ANKLESH INVESTMENTS PRIVATE LIMITED AND OTHERS

2016 (8) TMI 615 - PUNJAB AND HARYANA HIGH COURT

Scheme of Amalgamation allowed. All the Transferor Companies shall be dissolved without being wound up. There are no investigation proceedings pending against them under Sections 235 to 251 of the Act. - 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 wit .....

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alana, Advocate, For The Official Liquidator : Mr.Deepak Aggarwal, Advocate, with Mr.D.K. Singh, RAKESH KUMAR JAIN, J. The petitioners have prayed for sanctioning of Scheme of Amalgamation (Annexure P-1) of Anklesh Investments Private Limited (Transferor Company 1/Petitioner Company 1), Pradeep Mercantile Company Private Limited (Transferor Company 2/Petitioner Company 2), Plaza Trading Company Private Limited (Transferor Company 3/Petitioner Company 3), Marshall Investment And Trading Company P .....

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nd motion. Convening of meetings of Shareholders of Petitioner-Companies No.1 to 7 and Secured/Unsecured Creditors of Petitioner-Companies were dispensed with vide order dated 25.01.2016. By virtue of the order dated 25.1.2016, notice was issued to the Regional Director, Ministry of Corporate Affairs, Noida and the Official Liquidator. Notice was also ordered to be published in Financial Express (English) and Punjab Kesri (Hindi), both Punjab Edition and in the Official Gazette of Government of .....

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. Further it is not prejudicial to the interest of any creditors, banks, employees or to the public at large . Hence, the Official Liquidator has not taken any objection to the Scheme. Similarly, the Official Liquidator has filed the representation/affidavit of N.K. Bhola, Regional Director, Northern Region, Ministry of Corporate Affairs, New Delhi dated 06.07.2016 in which he has observed no objection to the Scheme except the following averments made therein: - 6. X x x x x Further, the IT auth .....

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ed 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 to the provisions of Section 394 of the Act so as to become the debts, liabilities, duties and obligations of the Tr .....

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