TMI Blog2016 (12) TMI 187X X X X Extracts X X X X X X X X Extracts X X X X ..... re granted. The petitions are allowed accordingly. - COMPANY PETITION NO. 445 of 2016 In COMPANY APPLICATION NO. 424 of 2016 With COMPANY PETITION NO. 446 of 2016 In COMPANY APPLICATION NO. 425 of 2016 - - - Dated:- 24-11-2016 - SMT. ABHILASHA KUMARI, J. FOR THE PETITIONER : MR SANDEEP SINGHI, ADVOCATE WITH MR PRANJAL BUCH FOR SINGHI AND CO, ADVOCATE FOR THE RESPONDENT : MR KSHITIJ AMIN, CENTRAL GOVT. STANDING COUNSEL FOR MR DEVANG VYAS, ASSISTANT SOLICITOR GENERAL OF INDIA COMMON ORAL ORDER 1. Heard Mr.Sandeep Singhi, learned advocate for Singhi Co, on behalf of the Petitioner Companies, Mr. Kshitij Amin, learned Central Government Standing Counsel for Mr. Devang Vyas, learned Assistant Solicitor General of Indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid order dated 28.9.2016 also noted that there are no Secured Creditors of the said Company. 4. The Petitioner of the Company Petition No. 446 of 2016, i.e., Aditya Birla Finance Limited, had filed an application in this Court being Company Application No.425 of 2016, for dispensing with the convening and holding of the meetings of the Equity Shareholders, sole Preference Shareholder, Secured Creditors and Unsecured Creditors of the said Company. This Court vide its order dated 28.9.2016, inter alia, dispensed with the convening and holding of the meetings of the Equity Shareholders and sole Preference Shareholder of the said Company in view of the consent affidavits to the Scheme received from all the Equity Shareholders and the sole P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r has filed common affidavit dated 23.11.2016. In paragraph 2(d) of the said common affidavit it is observed that this Court be pleased to direct the Petitioner Company in Company Petition No.446 of 2016, to ensure the compliance of guidelines issued by RBI from time to time. It is further observed in paragraph 2(e) of the said common affidavit that this Court be pleased to direct the Petitioner Companies to submit the complete list and full details of assets and liabilities which are proposed to be transferred to the Resulting Company through this Scheme. It is further observed by the Regional Director in paragraph 2(f) of the said common affidavit that this Court be pleased to direct the petitioner companies to place on record all the rel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Demerged Company as on 1.4.2016, duly certified by the Chartered Accountant, at AnnexureB to the said reply. In light of the aforesaid, this Court is of the view that the observations of the Regional Director at paragraph 2(e) of the common affidavit stand satisfied. 11. In respect of the observations made by the Regional Director at paragraph 2(f) of the common affidavit, the Petitioner Company in paragraph 5 of its reply has stated that the Resulting Company has already produced its statement of excess of assets over liabilities as on 31.8.2016 which is ₹ 4072.18 crores (after giving effect to the demerger) duly certified by the Chartered Accountant dated 17.9.2016 with the Company Application No. 425 of 2016 at AnnexureM (Coll ..... X X X X Extracts X X X X X X X X Extracts X X X X
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