2016 (10) TMI 257

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....ADVOCATE with MR DEVANG VYAS, ADVOCATE ORAL ORDER 1. This petition is filed by the Demerged Company for sanction of a Scheme of demerger involving the demerger of Dandia Bazar Undertaking and the Productivity Road Undertaking of Gandevikar Jewellers Private Limited to Gandevikar's Sara Gold Private Limited and G. Gandevikar Jewellers Private Limited respectively. 2. It has been pointed ou....

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....by this Court. No one has come forward with any objections to the said petition even alter the publication. 3. A common affidavit dated 5.9.2016 has been filed by Mr. Jatinder Kumar Jolly, Regional Director, North Western Region, Ministry of Corporate Affairs, Ahmedabad whereby it is observed that the petitionerCompany may be directed to comply with the provisions of the Income Tax Act and rule....

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....aken care of. PetitionerCompany has stated that clause 3 and 9 of the scheme specifically mentions that all the assets and liabilities of the demerged undertaking 1 and demerged undertaking 2 shall be transferred to the resulting company 1 and resulting company 2. The list of the assets and liabilities to be transferred to the demerged undertaking 1 and demerged undertaking 2 as appearing in the a....

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....fidavit are taken care of. Moreover, there are no other objections to the scheme by anybody, as is clearly borne out from the affidavit of the Regional Director. 6. The Court therefore is of the view that the Scheme of Demerger as proposed is in the interest of the company and their members and is not otherwise prejudicial to public interest. 7. This Court doth hereby sanction the Scheme of ....