2014 (8) TMI 1266

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....learned counsel for parties. No objector has come before the Court to oppose the Scheme and nor any party has controverted any averments made in the Petition. 2. The sanction of the Court is sought under Section 391 to 394 of the Companies Act, 1956, to a Composite Scheme of Amalgamation between L & T TRANSCO PRIVATE LIMITED ("TRANSCO") and INTERNATIONAL SEAPORTS (INDIA) PRIVATE LIMITED ("ISP") and NARMADA INFRASTRUCTURE CONSTRUCTION ENTERPRISE LIMITED ("NICE") with L & T INFRASTRUCTURE DEVELOPMENT PROJECTS LIMITED ("IDPL"). 3. The learned Advocate for the Petitioner Company states that the nature of business of the First Transferor Company is to develop Infrastructure projects such as Roads, Bridges, Highways, Ports etc., both i....

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....ompany Summons for Direction and that the Petition has been filed in consonance with the orders passed in the Company Summons for Direction. 7. The Learned Advocate appearing on behalf of the Petitioner has stated that they have complied with all requirements as per directions of this Court and they have filed necessary Affidavits of compliance in the Court. Moreover, Petitioner Company undertake to comply with all statutory requirements, if any, as required under the Companies Act, 1956 and the Rules made there under. The said undertaking is accepted. 8. The Regional Director has filed his Affidavit on July 31, 2014 inter alia, stating therein that save and except as stated in paragraphs 6(a) and (b) of the said Affidavit, it appears....

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....Director, Western region, Mumbai expressed in paragraph 6(a) have been duly taken care of. In view of the explanation give by the Petitioner Company, the Learned Counsel for Regional Director has not pressed the said objection any more. 10. As far as the objection of the Regional Director, Western Region, Mumbai in paragraph 6(b) of his Affidavit is concerned, the Learned Advocate for the Petitioner Company states that clause 6.2.1 of the scheme gives powers to the Board of Directors of the Petitioner Company to amend any part of the scheme. The Learned Advocate for the Petitioner Company states that the Petitioner Company has further stated that the powers vested under the clause 6.2.1 of the scheme will be subject to the approval of th....