TaxTMI 
TaxTMI 
2013 (2) TMI 952
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....of Excel Castronics Limited and Indus Coils And Plates Limited with Ahmedabad Gases Limited. 2. Heard Mr. Navin K. Pahwa, learned advocate for the petitioners and Mr. M. Iqbal A. Shaikh, learned Central Government Standing Counsel for the Regional Director. 3. Ahmedabad Gases Limited, the Transferee Company, filed Company Application No.357 of 2012 seeking directions to convene meeting of the Equity Shareholders of the said Company. The petitioners also further sought dispensation of the procedure as contemplated under Sections 100 and 101(2) of the Act as well as the procedure prescribed in Rules 48 to 65 of the Companies (Court) Rules, 1959 on the ground that the proposed reduction does not involve either diminution of liability in ....
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....nsecured Creditors of the said Company have given their consents in writing, in approval of Scheme of Arrangement. It was reported that the petitioner Company does not have any secured creditors. By an order dated 7.11.2012 passed in Company Application No.356 of 2012, this Court ordered dispensation of the meetings of the Equity Shareholders and Unsecured Creditors of the petitioner Transferor Company. 7. Indus Coils and Plates Limited, another Transferor Company filed Company Application No. 355 of 2012 seeking dispensation of the meeting of Equity Shareholders on the ground that all the Equity Shareholders of the said Company have given their consents in writing, in approval of Scheme of Arrangement. It was reported that the petitione....
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....idator, in respect of the Company Petition No.252 and 253 of 2012, has filed separate reports. The reports of the Official Liquidator confirm that the affairs of the Transferor Companies have not been conducted in a manner prejudicial to the interest of their members or to the public interest. The Official Liquidator has however requested this Court to direct the Transferor Companies to preserve their books of account, papers and records and not to dispose of the records without prior permission of the Central Government u/s. 396 A of the Companies Act, 1956. 13. In response to the notice to the Regional Director, Western Region, Department of Company Affairs, Mr. M. Iqbal A. Shaikh, learned Central Government Standing Counsel has appear....
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....2 rendered in Company Petition No.82 of 2011 and allied matters to submit that even such a clause in the Scheme is permissible. The petitioner however undertakes to file the requisite forms with the office of Registrar of Companies as required u/s.303 of the Act once the reconstitution takes place. 15. There is no counter or rejoinder filed by the Regional Director in response to the reply affidavit filed by the petitioner Transferee Company. No submissions are canvassed against what is stated in the reply affidavit even in the course of hearing of present petitions. 16. On the facts and in the circumstances, as the Scheme of Arrangement and Amalgamation is not prejudicial to the interest of the members of the petitioner Companies or ....