GENOME VALLEY TECH PARKS & INCUBATORS PRIVATE LIMITED AND ORS Vs. OFFICIAL LIQUIDATOR, HYDERABAD AND ORS

JUDGEMENT

(1.) The Company Petition bearing CP. No. 394/2016 [CP(TCAA) No. 55/HDB/2017] and CP. No. 395/2016 [CP(TCAA) No. 56/HDB/2017] were filed by Genome Valley Tech Parks & Incubators Private Limited (Petitioner/Demerged Company) and MN Takshila Industries Private Limited (Petitioner/Resulting Company) respectively was filed by before the Hon'ble High Court of Judicature at Hyderabad for the State of Telangana and the State of Andhra Pradesh under Sections 391 & 394 of the Companies Act 1956, by seeking the High Court to sanction scheme of Arrangement in question (enclosed to the Company Petition), so as to be binding on all the members and employees of the Petitioner Companies and all concerned.

(2.) As per the Gazette Notification GSR 1134(E) dated 14th December, 2016 issued by the Ministry of Corporate Affairs with effective date of 15th December, 2016and in terms of Rule 15 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 & Rule 23A of NCLT Rules R/w Rule 3 of Companies (Transfer of Pending Proceedings) Rules, 2016, jurisdiction is conferred on this Tribunal in respect of subject cases and thus pending cases also transferred from the Hon'ble High Court to the NCLT. Accordingly, the Hon'ble High Court transferred these cases to this Bench. On transfer, the above cases were listed before this Bench on 02.02.2017, 23.02.2017, 14.03.2017, 15.03.2017, 05.06.2017, 08.09.2017 and finally posted on 12.09.2017 for clarifications on (a) shareholding pattern of the pre and post scheme of arrangement and (b) whether the petitioner companies have complied with the rules relating to collection of deposits.

(3.) Heard, Mr. V.B. Raju, Learned Counsel for the Petitioner Companies, Mr. B. Appa Rao, Central Government Standing Counsel and have carefully perused all pleadings along with material papers filed in its support.