2006 (12) TMI 543

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...., Shilchar Electronics Ltd., a Transferee Company proposed to be amalgamated with Shilchar Payton Technologies Ltd., the wholly owned subsidiary of the applicant Transferee Company, has prayed for an appropriate order by holding that separate proceedings as required to be taken out under the provisions of Section 391(2) of the Companies Act, 1956 are not required to be undertaken by the applicant ....

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....structure of the Transferee Company is not likely to undergo any change and the rights of the existing shareholders of the Transferee Company are not affected in any manner. Relying upon the following decisions reported in Company Cases and Tax Law Reporter, 1. 48 Co. Cases 23 (Del.) Sharat Hardware Industries Private Limited. 2. 105 Co.Cases 16(B0m.) Mahaamba Investments Limited v. IDI Limited.....