BHARAT BEARING LTD Vs. LAVITRA TECHNOLOGIES PVT LTD

JUDGEMENT

(1.) (Oral) 1. This second motion joint Petition has been filed under Sections 391 and 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 C.A. (M) No. 50/2012 seeking directions of this Court for dispensation/convening of meetings. Vide order dated 21.03.2012, 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. B.K. Bansal, Regional Director, Northern Region, Ministry of Corporate Affairs has filed his Affidavit dated 24.07.2012. 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 submitted that Central Government has no objection to the proposed Scheme. An affidavit dated 03.08.2012 has been filed in response to compliance of AS-14 to the objection raised by Regional Director.