2016 (2) TMI 1116

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....sp; 1. This is a first motion application filed by Foundation e-Learning Private Limited (applicant no.1/transferor company) (hereafter referred to as the transferor company) under section 391 to 394 of the Companies Act, 1956 (in short the Act) for approval of the scheme of amalgamation (hereafter referred to as the scheme) with Cambridge University Press India Private Limited (non-applicant /....

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....ly. Copies of the BOD resolution of even date i.e. 06.01.2016 of the transferor company as well as the transferee company have been filed. 4. The transferor company avers that there that there are no proceedings pending against it, under Sections 235 to 251 of the Act. 5. The position with regard to equity shareholders and unsecured creditors of the transferor company, is as follows: Comp....

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....e with the requirement of the transferee company to approach this court by filing any application/petition to seek sanction of the scheme, given the fact, that the transferor company is a wholly owned subsidiary of the transferee company. 9. Having regard to the fact that the transferor company is a wholly owned subsidiary company of the transferee company, I am inclined to agree with the praye....