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2019 (1) TMI 1685 - NATIONAL COMPANY LAW TRIBUNAL, KOLKATAApproval of Scheme of Arrangement - submission of revised financial statement in compliance of Section 131 of the Companies Act, 2013 - section 230 of the Companies Act, 2013 read with Rule 15 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 - HELD THAT:- As per Section 128(1) the transferor shall prepare and keep at registered office books of account and other relevant books and papers and financial statement for every financial year which give true and fair view of the state of the affairs of the company, including that of is branch office or offices, if any, and explain the transaction effected both at the registered office and its branches and such books shall be kept on accrual basis and according to the double entry system of accounting. The submission that the Chartered Account has submitted a certificate certifying that the Transferor Company has complied with the Accounting Standard 9 and therefore, the asset value shown in the Balance Sheet is the value in the Books of Account kept in the company appears to me is not correct. Accordingly, the objections raised on the side of the Central Government regarding the approval of the scheme is found sustainable. The applicant is hereby directed to comply with the above said provisions and submit a revised financial statement in compliance of Section 131 read with Section 128(1) of the Companies Act, 2013 - List it for submission of revised financial statement and for further consideration on 18/03/2019.
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