2016 (2) TMI 93

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....te Limited. 2. Anant Projects Private Limited, the Transferee Company, filed Company Application No.361 of 2015, seeking dispensation of the meeting of the Equity Shareholders. The petitioner submitted that this being the Transferee Company, the meetings of the Creditors are not required to be held. By an order dated 26.11.2015, passed in Company Application No.361 of 2015, this Court ordered dispensation of the meeting of the Equity Shareholders and further ordered that this being the Transferee Company, the meeting of the Creditors is not required to be held. 3. Alok Buildcon Private limited, the Transferor Company, filed Company Application No.362 of 2015, seeking dispensation of the meetings of the Equity Shareholders, Secured Credito....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s from the Income Tax Department. The affidavit records that the office of the Regional Director has not received any adverse comments from the Income Tax Department. It is however stated in the affidavit that the petitioner Company may be directed to undertake the compliance of the Income Tax Act and Rules. 8. In response to the affidavit of the Regional Director dated 01.01.2016, the petitioner Transferee Company has filed an affidavit dated 09.01.2016, giving its response to the observation of the Regional Director. It is submitted that the affidavit of the Regional Director, itself, shows that pursuant to the letter of the Regional Director, no adverse remarks, within the stipulated period of time, have been received from the Income Ta....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the Regional Director, the reply filed on behalf of the petitioner Transferee Company and having considered the Scheme of Amalgamation together with the relevant documents on record, this Court finds it appropriate to grant sanction to the present Scheme of Amalgamation. 11. In view of the above, the Scheme of Amalgamation is sanctioned. It is, however, directed that the petitioner Transferor Company shall preserve its books of accounts, papers and record and shall not dispose of the records without the prior permission of the Central Government under Section 396A of the Companies Act, 1956. 12. The costs of both the petitions are determined at Rs. 7,500/each, payable to Shri Devang Vyas, learned Assistant Solicitor General of India. The....