TaxTMI 
TaxTMI 
2007 (12) TMI 282
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....id Celica"), the abovenamed petitioner-company No. 2 Micro-firm Software P. Ltd. (hereinafter referred to as "the said Microfirm") and the abovenamed petitioner-company No. 3 Glacier Farms P. Ltd. (hereinafter referred to as "the said Glacier") were ordered to dispense with, for the ... purpose of... considering and if thought fit approving with or without modification the scheme of arrangement proposed to be made between the said Celica, Microfirm and the said Glacier and annexed to the joint affidavit of Kalyan Bose, Ram Prakash Singhania and Anuj Bhagat filed on March 28, 2007, and upon reading on the part of the petitioner-companies an affidavit of Anup Chakorborty filed on May 7, 2007 and the exhibits therein referred to and upon readi....
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....ica and the said Microfirm notwithstanding the transfer of investment divisions and further submit before this hon'ble court that the substantial business remains with the said Celica and the said Microfirm. And in view of the matter that particularly as the employees have not stepped forward to object the said scheme. And since the said petitioner-companies ensure before this hon'ble court that accounting following the said scheme would be in accordance with the Accounting Standards, particularly AS-14 thereof, notwithstanding anything contrary that may be found in the said scheme. And it is recorded that the said petitioner-companies following the above have pointed out that the clause 4(d) of the said scheme needs to be modified and clau....
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....tion 394(2) of the Companies Act, 1956, be transferred to and become the debts, liabilities, duties and obligations of the said Glacier; and (3) That all proceedings and/or suits and/or appeals now pending by or against the said Celica and Microfirm relating to their respective "out going business undertakings" shall be continued by or against the said Glacier ; and (4) That leave be and the same is hereby granted to the said Celica and the said Microfirm to file their schedule of assets relating to their respective "outgoing business undertakings" as stated in paragraph 12 of the petition herein within a period of three weeks from the date hereof ; and (5) That the said Celica and the said Microfirm and the said Glacier do within a peri....