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IN RE : GOPAL FIBRES PRIVATE LIMITED

2016 (10) TMI 284 - GUJARAT HIGH COURT

Scheme of amalgamation - Held that:- Pursuant to the report of the Official Liquidator, it is ordered that the petitionerCompany shall preserve its books of accounts, papers and records and not dispose of the records without prior permission of Central Government as per the provisions of Section 396(A) of the Companies Act, 1956 and shall not be absolved from any statutory liability. It is ordered that the scheme necessarily contains the clause 11(a) and 11(b) and hence observations as made in t .....

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are directed to pay the fees of ₹ 7,500/each to the Official Liquidator. - COMPANY PETITION NO. 257 of 2016 In COMPANY APPLICATION NO. 217 of 2016 TO COMPANY PETITION NO. 260 of 2016 In COMPANY APPLICATION NO. 219 of 2016 - Dated:- 30-9-2016 - MR. R.M.CHHAYA, J. FOR THE PETITONER : MR PAVAN S GODIAWALA, ADVOCATE FOR THE RESPONDENT : MR DEVANG VYAS, ASSISTANT SOLICITOR GENERAL with MR KSHITIJ AMIN, CENTRAL GOVERNMENT COUNSEL COMMON ORAL JUDGMENT 1. Heard Mr. Pavan S. Godiawala, learned adv .....

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the Company Applications, seeking appropriate directions for dispensation of the meetings of different classes of members pursuant to obtaining of the consent letters. This Court vide separate orders dated 3.5.2016 passed the order allowing the prayers as prayed in the Judge s Summons and the meetings as required under the provisions of the Section 391(1) of the Companies Act, 1956 were dispensed with. The petitions came to be filed seeking prayer for sanctioning of the scheme at Exhibit C to t .....

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ensed with. Accordingly, the petitioners complied with the order of publication and service. The affidavit came to be filed for publication and service of notices. 3. The Regional Director upon service filed common affidavit dated 24.8.2016 and Official Liquidator filed separate reports dated 1.9.2016 in the petitions of Transferor Companies. There is one observation in regard to increase in authorized share capital in Transferee Company as observed in the affidavit of Regional Director at Parag .....

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on the effective date, without any further act or deed and without any further payment of the stamp duty or the registration fee and Clause V of the Memorandum of Association of the Transferee Company shall be replaced accordingly. It is submitted that the said clause takes care as far as allotment of shares and in case of increase in paid up capital, upon allotment of shares to the shareholders of the Transferor Companies, in excess of the authorized capital after giving effect of the clause n .....

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