2015 (9) TMI 1688

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....Vyas, appearing for the Central Government and the Official Liquidator. 2. These are the petitions filed by the two Petitioner Companies for sanctioning of the Scheme of Amalgamation of Intas Lifesciences Private Limited (Transferor Company) with Intas Pharmaceuticals Limited (Transferee Company) (Scheme). 3. The Petitioner of the Company Petition No. 267 of 2015, i.e., Intas Pharmaceuticals Limited, had filed an application in this Court being Company Application No. 237 of 2015 for dispensing with the convening and holding the meetings of the Equity Shareholders, Secured Creditors and the Unsecured Creditors of the said Company. This Court vide its order dated 6.8.2015, inter alia, dispensed with the convening and holding of the mee....

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....ition in English daily, "Indian Express", Ahmedabad Edition and in Gujarati daily, "Sandesh", Ahmedabad Edition in Company Petition Nos. 267 and 268 of 2015. This Court had dispensed with the publication of the notice in the Gujarat Government Gazette. 6. Pursuant to the order dated 10.8.2015, the Petitioners of Company Petition Nos. 267 and 268 of 2015 have published the notice of hearing of the petition in English daily, "Indian Express", Ahmedabad Edition and in Gujarati daily, "Sandesh", Ahmedabad Edition both on 20.8.2015. The affidavits of service, on behalf of the petitioner companies both dated 1.9.2015, have been filed confirming the publication of the notices in the newspapers as directed and also the notice of hearing of the p....

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....o the shareholders of the Transferor Company are only Indian Residents. Mr. Singhi submits that in the aforesaid circumstances the question of compliance with regard to the provisions of FEMA or RBI does not arise. In light of the aforesaid, I am of the view that the observations of the Regional Director at paragraph 2(d) of the common affidavit stands satisfied. 9. In respect of the observations made by the Regional Director at paragraph 2(e) of the common affidavit, Mr. Singhi relies upon the judgment dated 30.7.2012, passed in OJ Appeal No. 31 of 2012, of the Division Bench of this Court, wherein it has been held that the reserves can be utilized for the purpose of declaring dividends. Mr. Singhi also relies upon the order dated 3.9.2....