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Indian Corporate Law

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HC SANCTIONS DEMERGER SCHEME, REJECTS REGIONAL DIRECTOR'S VIEW TO EVALUATE ASSETS OF DEMERGED UNDERTAKING
19 April, 2016   COLORS OF INDIA NEWS AND MEDIA SERVICES






The honorable Punjab & Haryana High Court in, Alchemist Hospitals Ltd., In re, held that, where in a scheme of arrangement all assets and properties and all debts and liabilities of demerged undertaking were to be transferred to resulting company at value appearing in books of account, there was no need to evaluate assets and liabilities of demerged undertaking as stated by Regional Director and scheme was to be sanctioned.
Petitioner companies sought sanctioning of scheme of arrangement, vide which demerged undertaking i.e. hospital of transferor/demerged/petitioner No. 1 company was sought to be demerged into Alchemist Hospitals, i.e., transferee/resulting/petitioner No.2 company. Regional Director stated that petitioner companies had not evaluated assets and liabilities of demerged undertaking was to be transferred to resulting/transferee company as on appointed date and that as per records maintained in his office, no inspection/investigation was being carried out against captioned companies. Held, since all assets and properties and all debts and liabilities of demerged undertaking were to be transferred to resulting company, at value appearing in books of account, there was no need to evaluate assets and liabilities of demerged undertaking.

{SOURCE: TAXMANN}

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