Ipfonline Ltd. v. -
Case brief
What is this about?
This judgment sanctions a Scheme of Amalgamation under Sections 391-394 of the Companies Act, 1956 between two media companies. The court found the scheme fair, reasonable, and compliant with statutory requirements, dismissing no objections from respondents or official liquidator.
What did the court decide?
Company Scheme Petition made absolute; directions to file authenticated copies with stamps authority, Registrar of Companies, and notify regulatory authorities.
What the court decided
IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY SCHEME PETITION 200 OF 2015
CONNECTED WITH
COMPANY SUMMONS FOR DIRECTION NO 160 OF 2015 IPFONLINE LIMITED ….… Petitioner Company
In the matter of the Companies Act, 1956 (1 of 1956);
AND
In the matter of Sections 391 to 394 of the Companies Act, 1956;
AND
In the matter of Scheme of
Amalgamation of IPFonline Limited with ASAPP Media Private Limited and their Respective Shareholders
Called for Hearing
Mr. Hemant Sethi i/b Hemant Sethi & Co., Advocates for the Petitioner.
Mr. S. Ramakantha, Official Liquidator present.
Issues for consideration
2 issues framed by the court
Whether the Scheme of Amalgamation of IPFonline Limited with ASAPP Media Private Limited is fair, reasonable, and compliant with the Companies Act, 1956.
Whether the approval of the High Court precludes subsequent scrutiny by the Income Tax Authority regarding tax issues arising from the amalgamation.
Parties & counsel
- petitioner
IPFonline Limited
- respondent
Regional Director
- respondent
Official Liquidator
Coram
Case details
As recorded by the court registry
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