2011 (3) TMI 1599

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....he petitioner company for sanction of a Scheme of Arrangement in the nature of Amalgamation, amalgamating the petitioner transferor company, viz. M.S.Khurana Infrastructure & Toll Road Pvt. Ltd with M.S.Khurana Engineering Limited, the transferee company under Section 391 read with Section 394 of the Companies Act, 1956. The petitioner transferor company is the wholly owned subsidiary of the trans....

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....ed on record.  The petition was admitted vide order dated 14.10.2010. The public notices for the same were duly advertised in the newspapers `Indian Express' English daily and `Sandesh' Gujarati daily, both Ahmedabad editions dated 30.10.2010 and the publication in the Government gazette was dispensed with. Affidavit dated 03.03.2011 confirm the same. No one has come forward with a....

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....dditional affidavit dated 16.03.2011 filed on behalf of the petitioner whereby it has been accepted that the transferee company shall comply with Accounting Standard-14. It has been further submitted that the main objects of the transferee company are wide enough to include the activities of the transferor company. The transferee company being the sole holding company, the issue ha not been raised....

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....ernment under Section 396 of the Companies Act, 1956. Heard Smt. Swati Soparkar, advocate for the petitioner companies and Shri P.S.Champaneri, Assistant Solicitor General for the Central Government. Considering the affidavits placed on record and the submissions made in this regard, I am satisfied that the scheme of arrangement would be in the interest of the companies and their members. Praye....