Section 394(1)(b) in The Companies Act, 1956

[Cites 0, Cited by 8] [Section 394(1)] [Section 394] [Entire Act]

Union of India - Subsection

Section 394(1)(b) in The Companies Act, 1956

(b)that under the scheme the whole or any part of the undertaking, property or liabilities of any company concerned in the scheme (in this section referred to as a "transferor company") is to be transferred to another company (in this section referred to as the "transferee company"), the [Tribunal] [ Substituted by Act 11 of 2003, Section 41, for " Court" .] may, either by the order sanctioning the compromise or arrangement or by a subsequent order, make provision for all or any of the following matters:-

(i)the transfer to the transferee company of the whole or any part of the undertaking, property or liabilities of any transferor company;

(ii)the allotment or appropriation by the transferee company of any shares, debentures, policies, or other like interests in that company which, under the compromise or arrangement, are to be allotted or appropriated by that company to or for any person;

(iii)the continuation by or against the transferee company of any legal proceedings pending by or against any transferor company;

(iv)the dissolution, without winding up, of any transferor company;

(v)the provision to be made for any person who, within such time and in such manner as the [Tribunal] [ Substituted by Act 11 of 2003, Section 41, for " Court" .] directs, dissent from the compromise or arrangement; and

(vi)such incidental, consequential and supplemental matters as are necessary to secure that the reconstruction or amalgamation shall be fully and effectively carried out:

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Union of India - Subsection

Section 394(1)(b) in The Companies Act, 1956