VAST TEXTILES LTD Vs. STATE

JUDGEMENT

(1.) VAST Textiles Limited ('Resulting Company') and Associated Stone Industries (Kota) Limited ('Demerged Company') have filed the present applications under Sections 392 and 394 of the Companies Act, 1956 ('1956 Act') read with Rule 9 for modifying the order of this Court dated 19 -12 -2006 passed in the company petitions filed by the companies. This Court while allowing the company petitions filed by the companies for approving scheme of arrangement rejected the objections relating to obtaining, no objection from the concerned stock exchange but allowed the objection in relation to omission of para 19(c) of Section 4 of the scheme. The applicants averred that para 19(c) of Section 4 does not contemplate that the relevant provisions of the Companies Act shall not be followed. On sanctioning of the scheme the relevant provisions of the Companies Act shall be followed and complied with. In this manner the applicants submitted that the order of this Court dated 19 -12 -2006 may be modified.

(2.) THE learned Counsel for the applicants in support of the applications placed reliance on Juggilal Kamlapat Holding Ltd., In re [2006] 132 Comp. Cas. 237 : 68 SCL 40 (All.) and Hotline Hoi Celdings (P.) Ltd., In re [2005] 127 Comp. Cas. 165 (Delhi).

(3.) IN Juggilal Kamlapat Holding Ltd. 's case (supra) it was held that since the combined authorised capital of the transferee company did not exceed the authorised capital of all the three companies no further fees or stamp duty was required to be paid.