SANDEEP TANEJA Vs. AMOL VYAS

JUDGEMENT

(1.) INSTANT company petition has been filed U/s 391 & 394 of companies Act, 1956 ("Co. Act:) seeking sanction of Scheme of Amalgamation of Om Kothari Enterprises Limited, petitioner Transferor Company No. 1; Nextmile Tradecom Private Limited, petitioner Transferor Company No. 2 and Jupiter Metal Private Limited, petitioner Transferee Company.

(2.) TRANSFEROR and Transferee Cos. Jointly filed co. application no. 4/2010 seeking directions for holding/dispensing with meetings of share holders and creditors of the petitioners company to consider and approve with or without modification of the Scheme of Amalgamation. However, vide order dated 26.2.2010, this Court while dispensing with holding of meetings of secured creditors of Transferee Co., directed to hold separate meetings of the share holders and unsecured creditors of the Transferor Co., on 6.4.2010 for the purposes of considering and if thought fit, approving with or without modification, the arrangement proposed to be made between Transferor and Transferee Companies.

(3.) AFTER taking note of the submissions made by the counsel for the petitioner, Regional Director (Northern Region) Ministry of Corporate Affairs and official liquidator and with assistance examined the material placed on record, this Court find nothing prejudicial to the interest of creditors, members of Transferor/Transferee Cos. and further would like to observe that the petitioner company will maintain their books of accounts as per Accounting Standard-14 notified by Central Government U/s 211 (3A) of Co. Act.