TaxTMI 
TaxTMI 
2017 (2) TMI 79
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....o as 'Resulting Company'), seeking sanction of this Court to the proposed scheme of Arrangement (hereinafter referred to as 'proposed scheme') between the Demerged Company and the Resulting Company. 2. The Demerged Company and the Resulting Company are hereinafter collectively referred to as 'Petitioner Companies'. 3. The registered offices of the Petitioner Companies are situated at Delhi, within the jurisdiction of this Court. 4. The Demerged Company was originally incorporated under the provisions of the Act, on 05.03.2004, with the Registrar of Companies, N.C.T. of Delhi &Haryana at New Delhi, under the name and style of 'PL Petro IT Private Limited'. Thereafter, the Demerged Company changed its name to 'Petro IT Private Limited' and....
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.... merger of the Demerged Undertaking (as defined in the proposed scheme) of the Demerged Company into the Resulting Company. It is claimed that transfer of the said Demerged Undertaking to a separate company will enable greater focus on the operation of the business and would enable unlocking value. It is further claimed that the proposed demerger shall enable the business activities comprised in the said Demerged Undertaking to be carried out with separate and independent management set-up and greater focus, attention and specialization for sustained growth. It is further claimed that the said Demerged Undertaking will also benefit from the synergies of combining with the similar and related business of the Resulting Company and its shareho....
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....r Companies have thereafter filed the present petition seeking sanction of this Court to the proposed scheme. Vide order dated 30.11.2015, notice in the present petition was directed to be issued to the Regional Director. Notice was accepted by the Deputy Registrar of Companies on behalf of the Regional Director. Furthermore, citations were directed to be published in the newspapers, namely, "Statesman" (English) and "Veer Arjun" (Hindi). Affidavit of service and publication, dated 02.05.2016, has been filed on behalf of the Petitioners Companies showing compliance regarding service of the petition on the Regional Director and the Registrar of Companies, Northern Region, Ministry of Corporate Affairs; and also regarding publication of citat....