TMI Blog2016 (10) TMI 256X X X X Extracts X X X X X X X X Extracts X X X X ..... ed. The same shall be binding upon all the equity shareholders, preference shareholders, secured creditors, unsecured creditors of the Petitioner Companies and all other agencies, departments and authorities of the Central, State and any other local authorities. It is clarified that the implementation of the present order shall be subject to the proceedings filed by the Transferor Company before the High Court of Punjab and Haryana at Chandigarh. The petition is disposed of accordingly - COMPANY PETITION NO. 327 of 2016 In COMPANY APPLICATION NO. 292 of 2016 - - - Dated:- 30-9-2016 - MR. R.M.CHHAYA, J. FOR THE PETITIONER : MS DHARMISHTA RAVAL, ADVOCATE FOR THE RESPONDENT : MR DEVANG VYAS, ASSISTANT SOLICITOR GENERAL ORA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... holders, 90.62% of Preference Shareholders and all the Secured Creditors. Further, in pursuance to the aforesaid Order, the meeting of the Unsecured Creditors of the Transferee Company was dispensed with, in view of the fact that the rights and interest of the Unsecured Creditors will not be affected by the Composite Scheme of Arrangement and no compromise or arrangement was offered to the Unsecured Creditors. 4. The Company Petition No. 327 of 2016 was admitted by this Court vide order dated 5h August, 2016. The public notices for the same were duly advertised in the newspapers Indian Express English daily, and Jai Hind , Gujarati daily, Ahmedabad Edition as submitted in the affidavit dated 20th September, 2016 filed by the Petitione ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the resultant Company is having net worth of ₹ 1835.64 Million as per audited financial as at 31.03.2015. 8. Further, the Petitioner Transferee Company has undertaken to comply with the all applicable provisions of Income Tax Act and Rules. 9. In light of the above mentioned affidavit submitted by the Petitioner Transferee Company, the observations made by the Regional Director stands addressed. 10. The Regional Director in his affidavit has also stated that as per the report of the Registrar of Companies there is no complaint against the Petitioner Transferee Company. 11. In view of the above discussion, the observations made by the Regional Director having been addressed, in the opinion of this Court, there does not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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