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TMI Blog2016 (8) TMI 1051X X X X Extracts X X X X X X X X Extracts X X X X ..... on is filed by the demerged/transferor company for sanction of a Scheme of demerger whereby the nonfoundary undertaking of Gujarat Metal Cast Industries Limited would be transferred to Anovi Engineering private ltd. 2. It has been pointed out that this Hon'ble Court vide order dated 6.4.2016 passed in Company Application No.130 of 2016 had issued directions to convene the meetings of equity s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ected to comply with the provisions of the Income Tax Act, Foreign Exchange Management Act and RBI guidelines. It has also been stated that the Petitioner company has not clearly disclosed the entire list of assets and liabilities which are proposed to be demerged and transferred to the transferee company. It is further stated to direct the Petitioner Company to comply with AS14 with regard to acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot merely to the permanent employees of the transferor company. Petitioner-Company has further stated that clause 3 of the scheme specifically mentions that all assets and liabilities of the non foundary undertaking shall be transferred to the resulting transferee Company. The Petitioner Company further stated that it would comply with AS14 with respect to accounting. 4. Having heard Mr. S P Majm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompany and their members and is not otherwise prejudicial to public interest. 6. This Court doth hereby sanction the Scheme of Demerger set forth in the petition and this Court does hereby declare the same to be binding on the petitioner-Company and all the members and creditors of the petitioner-Company and all other concerned parties and does hereby approve the said scheme of the demerger with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rger and/or any person or persons interested shall be at liberty to apply to this Court for any directions that may be necessary in regard to the working of the arrangement embodied in the Scheme of Demerger as sanctioned herein; and D. This Court doth further order payment of Rs. 10,000/as costs of this petition awardable to learned Additional Solicitor General of India. 7. The petition is disp ..... X X X X Extracts X X X X X X X X Extracts X X X X
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