TMI Blog2016 (12) TMI 1563X X X X Extracts X X X X X X X X Extracts X X X X ..... d Undertaking i.e. Jim Corbett Undertaking” of Amalgamated/Demerged Company shall stand vested in the Resulting Company No.1 and the assets and liabilities relating to “Demerged Undertaking i.e. J.R. Recreation Undertaking” of Amalgamated/Demerged Company shall stand vested in Resulting Company No.2. The Petitioner-Companies shall comply with all the applicable Accounting Standards upon sanctioning of the Scheme. The Scheme shall be binding on the Petitioner-Companies, their respective shareholders, creditors and all concerned. Let formal order of sanction of the Scheme be drawn in accordance with law and its certified copy be filed with the Registrar of Companies within 30 days from the date of receipt of the same. - Connected with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Equity Shareholders of the Petitioner-Companies i.e. Amalgamated Company, Amalgamating Company No.1 2, Resulting Company No.1 2 and Preference Shareholders of Petitioner-Amalgamated Company and Amalgamated Company No.1 were dispensed and since there was no Secured Creditors of the Demerged/Amalgamated Company, Amalgamating Company No.1 and Resulting Company No.1 2 and no Unsecured Creditors of Resulting Company No.1 2, therefore, it was ordered that there was nothing to convene their meeting. However meetings of Unsecured Creditors of the Amalgamating Company No.1 and Secured and Unsecured Creditors of Amalgamating Company No.2 were ordered to be convened on 28.05.2016 for which Chairmen and Co-Chairmen were appointed and CP No.6 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Affairs, New Delhi, dated 03.11.2016 has been placed on record, in which following averment has been made in sub Para No.14:- The deponent is to say that the instant scheme is silent on the applicability of Accounting Standard- 14 issued by the Institute of Chartered Accountants of India. Hon ble Court may direct the petitioner companies to comply with the Accounting Standared-14 issued by ICAI. In response to the report of Regional Director, learned counsel for the Petitioner-Companies has stated that the Petitioner-Companies shall comply with all the applicable Accounting Standards-14 issued by the Institute of Chartered Accountants of India upon sanctioning of the Scheme. It is averred in the petition that no investig ..... X X X X Extracts X X X X X X X X Extracts X X X X
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