2016 (9) TMI 21

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....E ORAL ORDER 1. This petition is filed by the transferee company for sanction of a Scheme of demerger whereby the nonfoundary undertaking of Gujarat Metal Cast Industries Limited would be transferred to Anovi Engineering private ltd. 2. It has been pointed out that this Hon'ble Court vide order dated 6.4.2016 passed in Company Application No.129 of 2016 had dispensed with the meetings....

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.... of the Income Tax Act, Foreign Exchange Management Act and RBI guidelines. It has also been stated that the Petitioner company has not clearly disclosed the entire list of assets and liabilities which are proposed to be demerged and transferred to the Petitioner company. It is further stated to direct the Petitioner Company to comply with AS14 with regard to accounting. It has further been mentio....

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.... of the transferor company. PetitionerCompany has further stated that clause 3 of the scheme specifically mentions that all assets and liabilities of the non foundary undertaking shall be transferred to the resulting Petitioner Company. The Petitioner Company further stated that it would comply with AS14 with respect to accounting. 4. Having heard Mr. S P Majmudar the learned Advocate appearing....

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....otherwise prejudicial to public interest. 6. This Court doth hereby sanction the Scheme of Demerger set forth in the petition and this Court does hereby declare the same to be binding on the petitionerCompany and all the members and creditors of the petitionerCompany and all other concerned parties and does hereby approve the said scheme of the demerger with effect from the appointed date i.e. ....