- (1.) Heard the learned counsel for the Petitioner Company. No objector has come before the Tribunal to oppose the Petition and nor any party has controverted any averments made in the Petition.
(2.) The sanction of the Tribunal is sought under Sections 230 to 232 of the Companies Act, 2013, to the Scheme of Amalgamation of Swadhaar Information and Management Services Private Limited with Swadhaar Fin Serve Private Limited and their Respective Shareholders.
(3.) Learned Counsel for the Petitioner further states that since the Transferor Company is wholly owned subsidiary of the Transferee Company and all the shares of the Transferor Company are presently held by the Transferee Company, and after the Scheme being sanctioned, no new shares are required to be issued to the members of the Transferor Company by the Transferee Company and there would be no reorganization of the Share Capital in the Transferee Company and also in view of the judgment of the Hon. Bombay High Court in Mahaamba Investments Limited Versus IDI Limited, 2001 105 CompCas 16, filing of a separate Company Summons for Direction and Company Scheme Petition by Swadhaar Fin Serve Private Limited, the Transferee Company was dispensed with, by an order dated 22nd July, 2016 passed in CSD No. 629 of 2016 by High Court.;