TMI Blog2016 (8) TMI 1051X X X X Extracts X X X X X X X X Extracts X X X X ..... l to public interest. 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 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 n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to accounting. It has further been mentioned in the said affidavit that there are no complaints against the petitioner-Company. 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., FEMA and RBI Guidelines. Petitioner-Company further clarified in the affidavit that benefit of Clause6 of the Scheme would be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ner-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 effect from the appointed date i.e. 1st April 2016. This Court doth further order :- A. That the scheme of demerger embodied in the petition is hereby sanctioned by this Court so as to be binding with effect from 1st April 2016 which is the appointed date, on the petitioner-Company and all their members and creditors and all other persons concerned pursuant to the provisions of Sections 391 to 394 of the Companies Act, 1956. B. That the petitioner-Company shall within 30 days after the date signing of this order or within such other time as may be permitted by this Honoura ..... X X X X Extracts X X X X X X X X Extracts X X X X
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