TaxTMI 
TaxTMI 
2016 (4) TMI 1017
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....ants Private Limited, the Transferee Company, proposed under Sections 391 to 394 of the Companies Act, 1956. 2. It has been contended that both the companies belong to the same group of management known as Green group. The commercial activities of both these companies are similar viz. Real Estate Construction and Development including development of residential and commercial properties. The amalgamation is proposed in order to achieve synergic benefits arising due to consolidation of the entities. The petitions give, in details the benefits envisaged due to the Scheme. 3. It has been pointed out that vide the order dated 19th January 2016 passed in the Company Application no. 23 of 2016, the meetings of the Equity Shareholders and Un....
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....requested this court to direct the Transferee Company to preserve the books of accounts and records of the Transferor Company for a period of eight years from the date of the sanctioning of the Scheme and not to dispose off the same without the prior permission of the Central Govt. The Petitioner companies are, accordingly, directed to preserve the books and records of the Transferor Company for a period of eight years from the date of the sanctioning the Scheme and not to dispose off the same without the prior permission of the Central Govt. It is, hereby, further directed that even after the Scheme is sanctioned, the Transferor company shall comply with all the applicable provisions of law and shall not be absolved from any of its statuto....
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.... April 2016. The petitioner companies have prayed to grant such amendment to the Scheme and clause 1.2 of the proposed Scheme to be amended by replacing the words, '1st day of April 2016' in place of '16th day of March 2016'. Considering the above facts and circumstances, the said amendment is hereby granted and the petitioners are directed to carry out the relevant modification in the proposed Scheme. 8. Notice of the petitions has been served upon the Central Government and Mr. Kshitij Amin, learned Central Government Standing counsel has appeared for Shri Devang Vyas, learned Assistant Solicitor General for the Central Government. An affidavit dt. 12th April 2016 has been filed by Mr. Shambhu Kumar Agarwal, the Regional Director, Nort....
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.... course of hearing, this Court considers that the observations made by the Regional Director, Ministry of Corporate Affairs, have been redressed satisfactorily. It appears that the present Scheme of Arrangement is in the interest of the shareholders and creditors of all the companies as well as in the public interest, therefore, the same deserves to be sanctioned. The modification sought regarding the amendment of the Scheme with regard to clause 1.2, referring to the Appointed Date as 1st April 2016, is granted. The Modified Scheme, as placed on record at page 97, is hereby sanctioned. 11. The prayers in terms of paragraph 16 (a) of the Company Petition No. 36 of 2016 and paragraph 16 (a) of the Company Petition No. 37 of 2016 are grant....