KPM INFOTECH PRIVATE LILMITED Vs. STATE

JUDGEMENT

(1.) THIS second motion joint petition has been filed under Sections 391 & 394 of the Companies Act, 1956 (for short 'Act') by the petitioner companies seeking sanction of the Scheme of Arrangement (for short 'Scheme')

(2.) THE petitioner companies had earlier filed CA (M) No. 56/2012 seeking directions of this Court for dispensation/convening of meetings. Vide order dated 28.03.2012, this Court allowed the application and dispensed with the requirement of convening meetings of shareholders, secured and un-secured creditors of the petitioner companies.

(3.) IN response to the notices issued in the petition, Mr. Rakesh Chandra, Regional Director, Northern Region, Ministry of Corporate Affairs has filed his affidavit dated 16.08.2012. Relying on the Scheme, he has stated that upon sanction of the Scheme, all the employees of the transferor company/companies shall become the employees of the transferee company without any break or interruption in their services. The Regional Director has stated that the companies have not mentioned about compliance with the Accounting Standard 14 by ICAI. However, the company has already filed an earlier affidavit dated 07.08.2012 stating that the Accounting Standard 14 will be complied with. No other objection has been raised by the Regional Director.