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of <h1>Companies Act Scheme Sanctioned: Kanav Papers & Star Kraft Papers Merger Approved</h1> The petition filed under Sections 391 to 394 of the Companies Act, 1956 for the sanction of a scheme of arrangement between Kanav Papers Private Limited ... Scheme of demerger - Held that:- In view of the foregoing, Ms. Aparna Mudiam, Assistant ROC appearing on behalf of the Regional Director, has stated that all the observations made by the Regional Director stand satisfied and that they would have no objection in the event this Court were to grant sanction to the Scheme. It is noted that no objections to the proposed Scheme have been received from any person/party. Affidavits dated 04.02.2017 have been filed on behalf each of the Petitioner Companies, stating that no objections from any person/party, to the proposed Scheme have been received pursuant to the publication of citations in newspapers. In view of the foregoing and in view of the approval accorded by the shareholders & creditors of the Petitioner Companies and the circumstance that all the observations raised by way of the representation/affidavit filed by the Regional Director have been satisfied, there appears to be no impediment to grant of sanction to the Scheme. Consequently, sanction is hereby granted to the Scheme the provisions of sections 391 to 394 of the Act. The Petitioner Companies shall comply with all the statutory requirements in accordance with law. Issues:Petition filed under Sections 391 to 394 of the Companies Act, 1956 for sanction of a scheme of arrangement between two companies.Detailed Analysis:1. Background of Companies:- The petition involves Kanav Papers Private Limited (Demerged Company) and Star Kraft Papers Private Limited (Resulting Company).- Both companies are based in Delhi.2. Company Incorporation Details:- Demerged Company was initially named 'Devpriya Fibres Private Limited' and later changed its name.- Resulting Company was initially named 'Dev Star Papers Private Limited' and later changed its name as well.3. Share Capital Details:- Demerged Company's authorized share capital and issued share capital as of 31.03.2015.- Resulting Company's authorized and issued share capital as of 31.03.2015.4. Approval and Resolution:- Scheme approved by the Board of Directors of both companies.- Share exchange ratio detailed in the petition.5. Meetings and Court Directions:- Court directions for dispensation of meetings of shareholders and creditors.- Meeting of unsecured creditors of Demerged Company held on 15.03.2016.6. Regional Director's Observations:- Concerns raised by the Regional Director regarding accounting standards and compliance.- Compliance details provided by Demerged and Resulting Companies.7. Court Sanction and Approval:- No objections received for the proposed Scheme.- Shareholders and creditors approved the Scheme.- All observations by Regional Director satisfied, leading to the grant of sanction to the Scheme.8. Compliance and Legal Clauses:- Companies instructed to comply with all statutory requirements.- Order does not exempt from stamp duty, taxes, or other charges.- Certified copy of the order to be filed with the Registrar of Companies.- Costs to be deposited by the Petitioner Companies in the specified fund.9. Conclusion:- The petition is allowed and disposed of with the granted sanction to the Scheme.- Any deficiencies or violations will be addressed in accordance with the law.- Companies must ensure compliance with all legal mandates and regulations.
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