: 1 : IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY PETITION NO.1056 OF 2008 CONNECTED WITH COMPANY APPLICATION NO.1640 OF 2008 AKK Equity Research Pvt.Ltd. ....Petitioner WITH COMPANY PETITION NO.1057 OF 2008 CONNECTED WITH COMPANY APPLICATION NO.1641 OF 2008 ASK Investment & Financial Consultants P.L...Petitioner WITH COMPANY PETITION NO.1058 OF 2008 CONNECTED WITH COMPANY APPLICATION NO.1642 OF 2008 SKK Finvest Pvt. Ltd. ....Petitioner WITH COMPANY PETITION NO.1059 OF 2008 CONNECTED WITH COMPANY APPLICATION NO.1643 OF 2008 Flora Realty Private Ltd. ....Petitioner WITH COMPANY PETITION NO.1060 OF 2008 CONNECTED WITH COMPANY APPLICATION NO.1644 OF 2008 Grace Real Estates Pvt. Ltd. ....Petitioner WITH COMPANY PETITION NO.1061 OF 2008 CONNECTED WITH COMPANY APPLICATION NO.1645 OF 2008 : 2 : ASK Investment Holdings Pvt. Ltd. ....Petitioner AND COMPANY PETITION NO.1062 OF 2008 CONNECTED WITH COMPANY APPLICATION NO.1646 OF 2008 Fiorina Reality Pvt.Ltd. ....Petitioner Mr.Rajesh Shah i/b Rajesh Shah & Co. for the Petitioners. Mr.N.S. Bhardwaj i/b Mr.S.K. Mohapatra for Regional Director. Mr.S. Ramakantha, Deputy Official Liquidator present. CORAM : S.J. VAZIFDAR, J. DATED : 6TH MARCH, 2009. P.C. : 1. The Petitioners in the above Company Petitions seek sanction in respect of their respective schemes some of which are composite schemes for demerger and merger. 2. Company Petition No.1056 of 2008 involves demerger of the portfolio undertaking of the Petitioner as well as the merger of the company thereafter with the Petitioner in Company Petition No.1061 of 2008 i.e. the transferee company. The resulting company on account of demerger is the Petitioner in Company Petition No.1059 of 2008. : 3 : 3. In Company Petition No.1057 of 2008 sanction is sought of the scheme of merger with the Petitioner in Company Petition No.1061 of 2008. 4. In Company Petition No.1058 of 2008, the scheme involves demerger of the portfolio undertaking of the Petitioners and thereafter merger of the company with the Petitioner in Company Petition No.1061 of 2008. The resulting company in this case is the Petitioner in Company Petition No.1060 of 2008. 5. As stated above, the Petitioner in Company Petition No.1059 of 2008 is the resulting company on account of demerger of the portfolio undertaking of the Petitioner in Company Petition No.1056 of 2008 and the Petitioner in Company Petition No.1060 of 2008 is the resulting company on account of the demerger of the portfolio undertaking of the Petitioner in Company Petition No.1058 of 2008. 6. Thus far the schemes involve the merger of the Petitioners in Company Petition Nos.1056 of 2008, 1057 of 2008 and 1058 of 2008 with the Petitioner in Company Petition No.1061 of 2008 after the demerger of the portfolio undertaking of the Petitioner in Company Petition Nos.1056 of 2008 and 1058 of 2008. : 4 : 7. The Petitioner in Company Petition No.1061 of 2008 seeks sanction of the scheme which also involves demerger of the portfolio undertaking and leasing business undertaking. The resulting company thereby is the Petitioner in Company Petition No.1062 of 2008. 8. The Official Liquidator in his report has stated that the affairs of the transferor companies have not been conducted in a manner prejudicial to the interest of its members or to the public interest. The Regional Director in his affidavit has stated that the schemes are not prejudicial to the interest of the creditors and the shareholders. . The entire procedure has been complied with. There is no objection to the scheme being sanctioned by any party. There is nothing on record which disentitles the Petitioners to the reliefs claimed. 9. In the circumstances, Company Petition Nos.1056 of 2008, 1057 of 2008 and 1058 of 2008 are made absolute in terms of prayers (a) to (d). Company Petition Nos.1059 of 2008, 1060 of 2008 and 1062 of 2008 are also made absolute in terms of prayers (a), (b) and (c). Company Petition No.1061 of 2008 is made absolute in terms of prayers (a) to (e). : 5 : 10. The Transferee company and the Resulting Companies to lodge a copy of this order and the scheme with the concerned Superintendent of Stamps for the purpose of adjudication of stamp duty payable, if any, on the same within thirty days of obtaining the authenticated and/or certified copy of the order. 11. Each of the transferor companies to pay costs of Rs.7500/- to the Regional Director and to the Official Liquidator, High Court, Bombay. Each of the transferee company and the resulting companies to pay costs of Rs.7500/- to the Regional Director. Costs to be paid within four weeks from today. 12. Filing and issuance of the drawn up order is dispensed with. . All concerned authorities to act on a copy of this order duly authenticated by Company Registrar, High Court, Bombay.