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IN RE : GUJARAT METAL CAST INDUSTRIES LIMITED

2016 (8) TMI 1051 - GUJARAT HIGH COURT

Sanction of a Scheme of demerger - Held that:- The Court is of the view that the observations made by Regional Director do not prevent the Court from sanctioning the Scheme of Demerger. The petitioner-Company have filed affidavit on 19.8.2016 which clearly demonstrates that the observations made by the Regional Director in his affidavit are taken care of. Moreover, there are no other objections to the scheme by anybody, as is clearly borne out from the affidavit of the Regional Director. - T .....

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th effect from the appointed date i.e. 1st April 2016 - COMPANY PETITION NO. 229 of 2016 In COMPANY APPLICATION NO. 130 of 2016 - Dated:- 26-8-2016 - MR. R.M.CHHAYA, J. FOR THE PETITIONER : MR SP MAJMUDAR, ADVOCATE FOR THE RESPONDENT : MR DEVANG VYAS, ADVOCATE ORAL ORDER 1. This petition 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 .....

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and hearing of the petition was advertised in Indian Express (English daily) and Divya Bhaskar (Gujarati daily), both in Vadodara editions, as directed by this Court. No one has come forward with any objections to the said petition even after the publication. 3. A common affidavit dated 27.7.2016 has been filed by Mr.Shambhukumar Agarwal, Regional Director, North Western Region, Ministry of Corporate Affairs, Ahmedabad whereby it is observed that the petitioner-Company may be directed to comply .....

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pany. It is further submitted that the benefit of Clause6 of the Scheme should be given to all employees of the transferor company and not only to the permanent employees. It has further been submitted that there are no other objections to the sanctioning of the scheme. The petitioner-Company has filed its response to the affidavit of the Regional Director on 19.8.2016 by way of an affidavit. Petitioner-Company has stated that it undertakes to comply with the provisions of the Income Tax Act., F .....

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it would comply with AS14 with respect to accounting. 4. Having heard Mr. S P Majmudar the learned Advocate appearing for the petitioner-Company and Mr. Kshitij Amin learned Central Govt. Standing Counsel appearing for the Regional Director and considering the affidavits placed on record and the submissions made in this regard, the Court is of the view that the observations made by Regional Director do not prevent the Court from sanctioning the Scheme of Demerger. The petitioner-Company have fil .....

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