Tuesday 7 July 2009 - All stories compiled and edited by Bhaswati Das
DLF Home Developers is planning to merge group companies DLF Estate (Delhi) Pvt Ltd and Irma Estate Pvt Ltd with itself. It has moved a petition in the Delhi High Court to obtain the necessary approvals.
In their joint petition under section 391 and 394 of the Companies Act 1956, the companies sought statutory clearances from the high court to go ahead with the amalgamation process.
A single member bench of Justice Sudershan Kumar Mishra directed the companies to produce no objection certificates from their creditors within four days.
The direction came after the company informed that due to some reasons it could not produce the NoC issued by the IDBI Bank and sought adjournment of hearing. On this, Justice Mishra imposed a cost of Rs5,550 on the company.
According to the petition, all the companies had obtained consent of their shareholders for the proposed amalgamation on May 14, 2005.
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