TaxTMI 
TaxTMI 
2002 (12) TMI 503
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.... New Delhi, within the territorial jurisdiction of this Court. 3. The Scheme of Amalgamation is to amalgamate two subsidiaries of the parent company, namely, M/s. L.G. Electronics Inc., a company registered in South Korea. The objects and salient features of the Scheme and the circumstances necessitating the amalgamation of the companies have been explained in the petitions. I find no reason to disagree with the expectations of the petitioner companies. 4. The Balance Sheets of both the Transferor and the Transferee-Companies have been placed on record together with Resolutions of their respective Board of Directors approving the proposed Scheme of Amalgamation. 5. It has also been submitted that there are no investigations or proc....
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....mation of the said Company with M/s L.G. Electronics System India (P.) Ltd. On facts it has been contended on behalf of the M/s Kaveri Telecoms Ltd. that notice of the 'first motion' was not given to the said Company and it has, therefore, been deprived of an opportunity to Show-cause against the proposed amalgamation even on that stage. In those proceedings I had appointed Mr. Kailash Vasudev, Sr. Advocate as the Chairman and Mr. Angad Singh as the Alternate Chairman in the meeting of the shareholders and the creditors of the transferor and transferee-companies which was held on. In response to the allegation that no notice of those proceedings has been received, my attention has been drawn to the despatch of the notice Under Post Certific....
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....this is exactly what is done when the Court considers it fit and appropriate to appoint a Chairman of such meetings. A perusal of the Report of the Chairman is made by the Court and necessary orders are thereafter passed. None of the provisions of this Rule, therefore, mandate that full details of all the creditors should be given in the petition/application under section 391 itself. The ends of justice and the interest of such creditors are duly safeguarded inasmuch as the Chairman of the Meeting is enjoined to issue notices to all the creditors. As has already been mentioned above this exercise was duly fulfilled by the Chairman. If there is any doubt remaining on this question it is affirmatively dispelled on a reading of Rule 73 which o....
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....ere passed on November 7, 2002 : "Learned counsel for the respondent seeks four weeks time to file its reply in opposition to the petition, which is granted. Rejoinder be filed by the Petitioner within two weeks thereafter. On instructions received from Mr. Neeraj Goel, Sr. Manager (Finance), it is stated by learned counsel for the Respondent that, without prejudice to the rights and contentions of the Respondent-company, a sum of Rs. 3,09,98,364 (Rupees Three Crores Nine Lakhs Ninety Eight Thousand Three Hundred and Sixty Four only) shall be deposited with the Registrar-General of this Court within ten days from today. It is his submission that the petitioner's intention is to embarrass the Respondent-Company in the proposed amalgamatio....
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....ich does not affect his interests. It is for this reason that I had ordered that upon the above deposit being made the petitioning-creditor, namely, Kaveri Telecoms shall have no right to appear and object to the proposed scheme of Amalgamation. This objection is, therefore, overruled. 13. Apart from these legal and technical objections no other reason has been disclosed either by Mr. Joshi or any other creditor against the proposed scheme of Amalgamation. 14. The Regional Director has recorded that it has no objection to the proposed Scheme of Amalgamation being sanctioned by the Court. 15. On behalf of the Official Liquidator the objection that has been voiced is that approval of the Income Tax Authorities, if necessary, should b....