PARAGON HEALTHCARE PVT LTD Vs. STATE

JUDGEMENT

(1.) THIS second motion joint petition has been filed under Sections 391 to 394 of the Companies Act, 1956 (hereinafter referred to as 'Act') by the petitioner companies seeking sanction of the scheme of arrangement (hereinafter referred to as 'scheme')

(2.) THE petitioner companies had earlier filed C.A. (M) No. 65/2012 seeking directions of this Court for dispensation of the meetings. Vide order dated 18.04.2012, this Court allowed the application and dispensed with the requirement of convening meetings of equity shareholders, secured and unsecured creditors of the petitioner companies.

(3.) IN response to the notices issued in the petition, learned Regional Director, Northern Region, Ministry of Corporate Affairs has filed his affidavit/report dated 16.07.2012. Relying on clause 2.17 of Part-II of the scheme of arrangement, he has stated that, upon sanction of the scheme of arrangement all the employees of the transferor company shall become the employees of transferee company without any break or interruption in their services upon sanctioning of the scheme of arrangement by this Court. In the affidavit it has been further stated that the Central Government has no objection to the proposed scheme.