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Judgment
CA No. 1025/2019
The learned senior counsel for the applicant companies submits that in view of the filing of the instant CA No. 156/2020, the CA No. 1025/2019 filed earlier by the applicant companies seeking modification of the scheme becomes redundant and infructuous and accordingly, prays for dismissal of the said CA.
In the circumstances and in view of the submission made by the learned counsel for the applicant companies, CA No. 1025/2019 is dismissed as infructuous.
Accordingly, CA No. 1025/2019 is disposed of.
CA No. 156/2020
This CA was heard on 23.07.2020. However, in terms of the order passed on the said date, the CA is again listed for today. Heard Mr. R. Jawahar Lal, the learned counsel for the applicant companies and Shri Yogesh Putney, the learned counsel for the Income Tax Department.
The instant CA No. 156/2020 is filed by the applicant companies seeking the following reliefs:-
"(a) pass an order allowing withdrawal of the said Company Petition (CP (CAA) No. 7/Chd/Hry/2019) and the Application for modification (CA No. 1025/2019) filed in respect of the Scheme of arrangement and demerger;
(b) pass such other and further order(s) as may be deemed fit and proper in the facts and circumstances of this case."
Issue notice to the (1) Ministry of Corporate Affairs/Regional Director, (2) ROC of NCT of Delhi and Haryana, (3) Income Tax Department and (4) Department of Pharmaceuticals of the Ministry of Chemicals and Fertilizers. The applicant companies shall collect the notices from the Registry and send the same immediately to the aforesaid authorities by speed post alongwith copy of the application and file affidavit of service alongwith copy of postal receipts and tracking reports at least ten days before the date fixed.
The said authorities may file their objections/reports, if any, within two weeks from the date of receipt of the notices with a copy in advance to the counsel opposite, failing which it is presumed that they have no objection for withdrawal of the Scheme and appropriate orders would be passed on the next date of hearing. The applicant companies are further directed to publish the Notification in two daily newspapers one in English and one in Hindi i.e. Business Standard (English) and Business Standard (Hindi) and to file the proof of publication within 10 days.
The applicant companies are further directed to file the consent affidavits/approval of the majority shareholders/appropriate resolution for withdrawal of the scheme and to file the necessary documents within four weeks.
List the CA on 07.09.2020.