2016 (10) TMI 256

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....s Act, 1956 and/or Sections 61 or 66 of the Companies Act, 2013 and other corresponding provisions of the Companies Act, 2013. 2. It is submitted that the Composite Scheme of Arrangement between Shalby Limited and Kamesh Bhargava Hospital and Research Centre Private Limited and their respective shareholders and creditors, would be in the best interests of the shareholders, creditors, employees and other stakeholders of the Transferor Company & Transferee Company, as it would result in enhancement of shareholder value, operational efficiencies and greater focus and would enable the management of each of the aforesaid companies to vigorously pursue revenue growth and expansion opportunities. In view of the abovementioned reasons, it is con....

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....as been filed by Mr.Jatinder Jolly, the Regional Director, NorthWestern Region, Ministry of Corporate Affairs. 6. In the above affidavit, the Regional Director has, inter alia, made the following observations: a. In Para 2(e) of the Affidavit filed by the Regional Director, it is observed that the petitioner companies be directed place on record all the relevant facts in the matter and to satisfy that these Contingent Liabilities in case they get invoked it will not affect the Financial Position of the Company adversely so as to impact the liquidity of the Company and its continuance/going concern concept. b. In Para 2(f) of the Affidavit, the Regional Director has observed that the Petitioner Companies be directed by t....

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....ioner Transferee Company and its members and creditors and, therefore deserves to be sanctioned. Accordingly, the Scheme as proposed by the Petitioner Company is hereby sanctioned. The same shall be binding upon all the equity shareholders, preference shareholders, secured creditors, unsecured creditors of the Petitioner Companies and all other agencies, departments and authorities of the Central, State and any other local authorities. It is clarified that the implementation of the present order shall be subject to the proceedings filed by the Transferor Company before the High Court of Punjab and Haryana at Chandigarh. 12. The petition is disposed of accordingly. So far as the cost to be paid to the learned Assistant Solicitor General i....