TMI Blog2020 (10) TMI 1179X X X X Extracts X X X X X X X X Extracts X X X X ..... y, there appears to be no impediment in sanctioning the present scheme. Consequently, sanction is hereby granted to the scheme under section 230 232 of the companies act, 2013. The petitioner however remain bound to comply with the statutory requirements in accordance with law. As a sequel, sanction is hereby granted to the scheme under section 230 232 of the Companies Act, 2013. The petitioner however remain bound to comply with the statutory requirements in accordance with law - Application allowed. - CAA-21/2020 CA (CAA)-184(ND)/2019 - - - Dated:- 28-10-2020 - DR. DEEPTI MUKESH HON BLE MEMBER (JUDICIAL) AND MS. SUMITA PURKAYASTHA HON'BLE MEMBER (TECHNICAL) ORDER Per Dr. Deepti Mukesh, Member (J) 1. This joint ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs. 4. It is seen from the records that all the Petitioners have filed an affidavit dated 03.03.2020 affirming compliance of the order passed by the tribunal dated 31.01.2020. A perusal of the affidavit disclose that the Petitioners have affected the newspaper publication as directed in one issue of the Business Standard (English,HindiEdition). Further, the Petitioners have also affirmed that the copy of petition have been duly served upon the Registrar of Companies, Reginal Director, Northern Region and Income Tax Department, Official Liquidator, in compliance of the order and in proof of the same acknowledgment from the respective offices have also been placed on record. 5. The Regional Director filed its representation dated 20.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Central Government as specified under the provisions of Section 133 of the Companies Act, 2013. 10. In view of the foregoing, upon considering the approval accorded by the members and creditors of all the petitioner companies to the proposed scheme, as well as no objections filed by the regional director, northern region, the official liquidator, and the income tax department and being satisfied in view of affidavit of undertaking filed by the transferee company, there appears to be no impediment in sanctioning the present scheme. Consequently, sanction is hereby granted to the scheme under section 230 232 of the companies act, 2013. The petitioner however remain bound to comply with the statutory requirements in accordance with law. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the transferee company and accordingly the same shall, pursuant to Section 232 of the Act, be transferred to and become the liabilities and duties of the transferee company; and d) That all proceedings now pending by or against the transferor companies, be continued by or against the transferee company; e) The allotment of shares will be as follows: The Transferee Company will issue 7.69 equity shares of ₹ 10 each, credited as fully paid up, for every 1Equity Sharesheld in Transferor Company No. 1, The Transferee Company will issue 0.81 Equity Shares of ₹ 10 each, credited as fully paid up, for every 1 Equity Share held in Transferor Company No. 2. f) That all the employees of both the transferor compa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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