Merger
This query is : Resolved
09 September 2010
We have filed petition to High Court for merger of the two Company. Now, we want to withdraw the petition. can we do so? If Yes, under which section.
09 September 2010
Withdrawal of the Scheme not permissible
Once the scheme for merger has been approved by requisite
majority of
Shareholders and creditors, the scheme cannot be with-drawn
by subsequent meeting of shareholders by passing Resolution
for withdrawal of the petition submitted to the court U/s-
391 for sanctioning the scheme.
Once the scheme for merger has been approved by requisite
majority of
Shareholders and creditors, the scheme cannot be with-drawn
by subsequent meeting of shareholders by passing Resolution
for withdrawal of the petition submitted to the court U/s-
391 for sanctioning the scheme.
28 September 2010
In my Opinion, It can be wthdrawn before approved by the High Court.
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