TaxTMI 
TaxTMI 
2016 (12) TMI 254
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....016 are filed by the Transferor Companies and Company Petition No. 322 of 2016 filed by the Transferee company, seeking a prayer for the sanctioning of the Scheme of Arrangement, in the nature of amalgamation of Takshashila Builders Private Limited And Takshashila Buildcon Private Limited And Takshashila Infracon Private Limited with Takshashila Projects Private Limited as produced at Exhibit `C' to all the petitions. 2. The petitioners of the present petitions preferred respective company applications, viz. Company Application No. 325 of 2016 to Company Application No. 328 of 2016, seeking appropriate directions for the dispensation of the meeting of the Equity Shareholders meeting pursuant to obtaining the consent letters from all of....
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....17th August, 2016. Notices of the petitions came to be published in the English Daily newspaper, "Business Standard" and the Gujarati Daily newspaper, "Jai Hind", both Ahmedabad Editions on 06.08.2016. The affidavit of compliance dated 10.10.2016, came to be filed. 6. upon service of notice, the Regional Director filed a common affidavit dated 25.10.2016. The Official Liquidator filed separate reports dated 16.11.2016, in the petitions of the Transferor companies. Two observations are made in the common affidavit filed by the Regional Director viz. The observation regarding the compliance of Accounting Standard 14 at paragraph 2(d) of the common affidavit and another observation pertaining the nonproviding of the copies of the High Court&#....
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....tings of the Creditors, as there are none. There are neither Secured nor Unsecured Creditors in either of the companies and hence, there is no requirement of either obtaining consent letters or convening the meetings. 7.2. The petitioners also undertake to maintain the books, accounts, registers and shall comply with the law and shall not dispose of the books and accounts without the prior approval of the Central Government. 8. Considering the explanation in the affidavit, there is no requirement for convening and holding of the meetings of the Secured and Unsecured Creditors or obtaining consent letters, as there are no creditors in either of the Companies. 8.1. It is, however, directed that, the petitioner company shall preserve its boo....