KIRTILAL KALIDAS DIAMONDS EXPORTS P. LTD. Vs. STATE

JUDGEMENT

(1.) HEARD learned Counsel for the parties.

(2.) THE sanction of the court is sought under Sections 391 to 394 of the Companies Act, 1956, to a scheme of amalgamation of Kirtilal Kalidas Diamonds Exports P. Ltd., and Kirtilal Kalidas Ornaments Exports P. Ltd., and Kirti Ornaments P. Ltd., and Dimexon Exports P. Ltd., and NK Polishers (transferor companies) with Dimexon Diamonds Ltd., the transferee company and their respective shareholders/partners.

(3.) THE only contention raised by the Regional Director in his affidavit in reply is that the petitioner -company may be directed to furnish an undertaking as regards compliance with Accounting Standard 14 issued by the Institute of Chartered Accountants of India. It is further stated that save as aforesaid the scheme is not prejudicial to the interest of creditors and shareholders and public.