TMI Blog2013 (9) TMI 1238X X X X Extracts X X X X X X X X Extracts X X X X ..... istered office of the Petitioner company is situated in Delhi, within the jurisdiction of this Court. 3 The details of the date of incorporation of the Petitioner company, its authorized, issued, subscribed and paid up capital have been set out in the petition. 4 The copies of the Memorandum and Articles of Association as well as the latest audited annual accounts of the Petitioner company have also been placed on record. 5 The copy of the resolution passed by the Board of Directors (?BoDs?) of the Petitioner company approving the Scheme has been filed along with the petition. 6 Learned counsel for the Petitioner submits that no proceedings under Sections 235 to 251 of the Act are pending against ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g with the said affidavit. 9 In response to the notices issued, the Regional Director (RD) has filed his affidavit dated 6th September 2013. The RD has made the following observations: i. That all the shares of the Petitioner company are held by the foreign company viz. Genpact India Investments and therefore, the Petitioner company may be asked to give an undertaking for all compliances from Reserve Bank of India (RBI) as required under FEMA for the said transactions. ii. That the present Scheme envisages the purchase of 33% shares of the total paid up equity share capital of the Petitioner company. However, Section 77A of the Act provides that a company may purchase its shares up to a maximum 25% of its tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er survives. 13. No objection has been received to the Scheme from any other party. Ms. Neha Nakra, authorized signatory of the Petitioner company, has filed an affidavit dated 7th September 2013, confirming that neither the Petitioner company nor their counsel has received any objection pursuant to citations published in the newspapers. 14. In view of the approval accorded by the shareholders and creditors of the Petitioner company, affidavit filed by the RD to the proposed Scheme and the aforesaid submissions made by the learned counsel for the Petitioner, there appears to be no impediment to the grant of sanction to the Scheme. Consequently, sanction is hereby granted to the Scheme under Sections 391 of the Act. The P ..... X X X X Extracts X X X X X X X X Extracts X X X X
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