2011 (12) TMI 683

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....R DIRECTION NO.597 OF 2011 - -<br>Corporate Laws<br>S. C. Dharmadhikari, J. &nbsp;Mr. Hemant Sethi i/b M/s. Hemant Sethi & Co., Advocate for the Petitioner Mrs. R.N. Sutar Asst. Official Liquidator, Ms. Jyotsna Pandhi i/b Mr. H.P Chaturvedi for Regional Director ORDER 1. Heard learned counsels for the parties. 2. The sanction of the Court is sought under Sections 391 to 394 of the C....

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....aid Affidavit, it appears that Scheme is not prejudicial to the interest of shareholders and public. 5. The Counsel appearing for the Regional Director has drawn my attention to paragraphs 6(a) and 6(b) of the Affidavit of the Regional Director in which it is stated that: "(a) Clause 5.6 of the scheme states that Transferee Company shall take necessary steps to increase or alter or re-....

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....ted that the Reserve arising out of this scheme shall not be utilised for the purpose of declaring dividend by the Transferee Company in future." 6. As far as the query raised by the Regional Director in paragraph 6(a) of his Affidavit is concerned, the Transferee Company through its Counsel undertakes that it would comply with the provisions of Section 94/97 read with Schedule X of the Compani....

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....om the material on record, the Scheme appears to be fair and reasonable and is not violative of any provisions of law and is not contrary to public policy. None of the parties concerned has come forward to oppose the Scheme. 10. Since all the requisite statutory compliances have been fulfilled, Company Scheme Petition No.604 of 2011 filed by the Transferor Company is made absolute in terms of p....