TMI Blog2016 (9) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... ourt so as to be binding with effect from 1st April 2016 which is the appointed date, on the petitionerCompany 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 petitionerCompany shall within 30 days after the date signing of this order or within such other time as may be permitted by this Honourable Court cause a certified copy of the order to be delivered to the Registrar of Companies, Gujarat at Ahmedabad for registration under Section 391 of the Companies Act, 1956. C. That any parties to the Scheme of Demerger and/or any person or persons interested shall be at liberty to apply to this Court for any directions that may be n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Agarwal, Regional Director, North Western Region, Ministry of Corporate Affairs, Ahmedabad whereby it is observed that the petitionerCompany may be directed 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 Petitioner company. It is further stated to direct the Petitioner Company to comply with AS14 with regard to accounting. It has further been mentioned in the said affidavit that there are no complaints against the petitionerCompany. It is further submitted that the benefit of Clause6 of the Scheme should be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. 5. The Court therefore is of the view that the Scheme of Demerger as proposed is in the interest of the company and its 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 petitionerCompany and all the members and creditors of the petitionerCompany 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 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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