TMI Blog2012 (8) TMI 1194X X X X Extracts X X X X X X X X Extracts X X X X ..... the jurisdiction of this Court. 2. It has been submitted that no proceedings under sections 235 to 251 of the Companies Act, 1956 is pending against the Petitioner Companies. 3. The Petitioner Companies had earlier filed CA (M) 82 of 2012 seeking directions of this Court for dispensation/convening of meetings. Vide order dated 7th May, 2012, this Court allowed the Application and dispensed with the requirement of convening all the meetings of Shareholders and Creditors of the Applicant Transferor Companies and Transferee Company. 4. The Petitioner Companies had thereafter filed the present Petition seeking sanction to the Scheme of Amalgamation. Vide order dated 23rd May, 2012, notice of the Petition was directed to be issued to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated that, upon sanction of the Scheme, all the employees of the Transferor Companies shall become the employees of the Transferee Company without any break or interruption in their services upon sanctioning of the Scheme by the Hon'ble Court. 7. Learned Regional Director drew the attention of this court with regard to the Appointed Date of the Scheme of Amalgamation which is prior to the date of incorporation of the Transferee Company. 8. In response to the aforesaid observation of the Learned RD, the Petitioners have filed a Reply/Affidavit dated 16th August, 2012 of Mr. Arun Arora, Director of the Petitioner Transferee Company. The Petitioners submitted that the every Scheme of Amalgamation, if approved by the Hon'ble High ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orders passed by this Court in CP 310 of 2009 and CP 141 of 2009 where the similar objections raised by the learned RD were rejected by this Court. 11. Having regard to the submissions made at the Bar and settled law on the subject, it is clear that the date of incorporation of the Transferee Company should correspond with effective date of the scheme, i.e., the date on which the actual transfer takes place and not with the appointed date. In view thereof, the objection raised by the Regional Director is overruled. 12. No objection has been received to the Scheme of Amalgamation from any other party. Mr. Arun Arora, Director of the Transferee Company has filed an affidavit confirming that neither the Petitioner Companies nor their Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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