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TMI Blog2016 (10) TMI 257X X X X Extracts X X X X X X X X Extracts X X X X ..... TE ORAL ORDER 1. This petition is filed by the Demerged Company for sanction of a Scheme of demerger involving the demerger of Dandia Bazar Undertaking and the Productivity Road Undertaking of Gandevikar Jewellers Private Limited to Gandevikar's Sara Gold Private Limited and G. Gandevikar Jewellers Private Limited respectively. 2. It has been pointed out that by way of an order dated 5.11.2015 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... th any objections to the said petition even alter the publication. 3. A common affidavit dated 5.9.2016 has been filed by Mr. Jatinder Kumar Jolly, 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 and rules. It has also been stated that the Petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at clause 3 and 9 of the scheme specifically mentions that all the assets and liabilities of the demerged undertaking 1 and demerged undertaking 2 shall be transferred to the resulting company 1 and resulting company 2. The list of the assets and liabilities to be transferred to the demerged undertaking 1 and demerged undertaking 2 as appearing in the audited balance sheet as on 31.3.2015 is also ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no other objections to the scheme by anybody, as is clearly borne out from the affidavit of the Regional Director. 6. The Court therefore is of the view that the Scheme of Demerger as proposed is in the interest of the company and their members and is not otherwise prejudicial to public interest. 7. This Court doth hereby sanction the Scheme of Demerger set forth in the petition and this Court d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le 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 necessary in regard to the working of the arrangement embodie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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