TaxTMI 
TaxTMI 
2017 (1) TMI 830
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....mpanies Act, 1956 (hereafter referred to as "the Act") for approval of the Scheme of Amalgamation (hereafter referred to as "the Scheme"). 2. The Transferor Company and the Transferee Company are hereinafter collectively referred to as "Petitioner Companies". 3. The registered offices of the petitioner companies are situated at New Delhi, within the jurisdiction of this Court. 4. The Transferor Company was incorporated under the provisions of the Act, vide certificate of incorporation dated 13.12.1983, issued by the Registrar of Companies, N.C.T. of Delhi and Haryana at New Delhi. 5. The Transferee Company was incorporated under the provisions of the Act, vide certificate of incorporation dated 17.05.2002, issued by the Assistan....
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....he following benefits: i. The Scheme will result in pooling of their financial, commercial and other resources, economies of scale and reduction of overheads. ii. With enhanced capabilities and resources at its disposal, the Transferee Company will have greater flexibility and strength to meet requirements for further growth of business activities. iii. The Scheme would be advantageous to combine the activities of Transferor Company and the Transferee Company into a single Company for the benefit for all the Companies, their Shareholders, Creditors and all concerned. 10. It has been stated by the Petitioner Companies that 100% share capital of the Transferor Company is held by the Transferee Company and the same will stand autom....
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....he present petition seeking sanction to the Scheme. Vide order dated 03.05.2016, notice in the present petition was directed to be issued to the Official Liquidator and the Regional Director, Northern Region. Furthermore, citations were directed to be published in the Delhi Edition of the newspapers, namely, "The Statesman" (English) and "Veer Arjun" (Hindi). An affidavit dated 22.09.2016 has been filed by the Petitioner Companies showing compliance regarding publication of citations in the aforesaid newspapers on 09.06.2016. 15. Pursuant to the notices issued, the Official Liquidator has filed a report dated 26.09.2016, wherein it has been stated that no complaint has been received against the Scheme from any interested person/party and....
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....without undergoing the process of winding up. 20. Notwithstanding the above, if there is any deficiency found or violation committed, qua any enactment, statutory rule or regulation, the sanction granted by this Court to the Scheme will not come in the way of action being taken, albeit, in accordance with law, against the concerned persons, directors and officials of the Petitioner Companies. 21. It is made clear, that this order shall not be construed as an order granting exemption, inter alia, from, payment of stamp duty or, taxes or, any other charges, if, payable, as per the relevant provisions of law or, from any applicable permissions that may have to be obtained or, even compliances that may have to be made, as per the mandate ....