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IN RE : SHALBY LIMITED

2016 (10) TMI 256 - GUJARAT HIGH COURT

Composite Scheme of Arrangement - Held that:- The observations made by the Regional Director having been addressed, in the opinion of this Court, there does not appear to be any impediment to the grant of sanction to the Composite Scheme of Arrangement, in as much as from the material on record and on perusal of the Scheme, the scheme appears to be fair and reasonable and is not violative of any of public policy. The arrangement under the proposed scheme appears to be in the interest of the Peti .....

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r 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 ORAL JUDGMENT 1. This petition is filed by the Petitioner Transferee Company for sanction of t .....

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Private Limited and their respective shareholders and creditors, would be in the best interests of the shareholders, creditors, employees and other stakeholders of the Transferor Company & Transferee Company, as it would result in enhancement of shareholder value, operational efficiencies and greater focus and would enable the management of each of the aforesaid companies to vigorously pursue revenue growth and expansion opportunities. In view of the abovementioned reasons, it is considered .....

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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 Expre .....

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.Jatinder Jolly, the Regional Director, NorthWestern Region, Ministry of Corporate Affairs. 6. In the above affidavit, the Regional Director has, inter alia, made the following observations: a. In Para 2(e) of the Affidavit filed by the Regional Director, it is observed that the petitioner companies be directed place on record all the relevant facts in the matter and to satisfy that these Contingent Liabilities in case they get invoked it will not affect the Financial Position of the Company adv .....

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.36 amounting to ₹ 843.28 Millions, if invoked at once, will not affect the financial position of the company adversely 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 Re .....

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