2009 (8) TMI 700

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dent. JUDGMENT 1. The present petition has been preferred for seeking sanction to the Scheme of Demerger of Idea Cellular Ltd., (petitioning-demerged company) and Idea Cellular Towers Infrastructure Ltd. (resulting company). The Scheme of Arrangement in the nature of demerger is at Annexure D for which the prayer is made for sanction. 2. It appears that vide order dated 18-4-2009 read wit....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d Gujarat Samachar, Gujarati daily. Publication in the Official Gazette was dispensed with. The affidavit has been filed on behalf of the petitioning company dated 28-7-2009 for compliance to the order for publication and together with the said affidavit, the relevant extract of the paper publication are also produced. The further affidavit dated 24-8-2009 has been filed, wherein it has been state....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ounting Standard-29 were observed. However, the company had denied the same. The Registrar of Companies, Gujarat is in the process or issuing show-cause notice as part of the follow up action in the matter. The above facts being 'material facts' are brought to the notice of this Hon'ble High Court for information, since the demerged company is a listed company. B. The Directorate is in receipt ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... shall not stand as concluded. Further, the sanction granted by this Court in the present proceedings shall not operate as a bar to either side in contending the breaches and/or the rights for defence as may be available in law. 6. It has been stated that as the registered office of the resulting company is situated at Delhi, the Company Petition No. 223/09 was preferred before the High Court o....