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2022 (2) TMI 677 - Tri - Companies LawSanction of Scheme of Amalgamation - Sections 230-232 of the Companies Act, 2013 - HELD THAT:- All statutory requirements of the provisions of Sections 230-232 of the Act are satisfied. The present company scheme appears to be genuine and bona fide and it appears to be in the interest of its shareholders and creditors. There are no merits in the contentions of the Transferor Company that the Building is given on lease to the Transferee Company, hence depreciation is not required to be provided. The other submissions from the Petitioner are that no lease rent has been charged as it does not have any income; the ultimate object of the lease is only for the satisfaction of the banker. The company will be merged so no lease rent has been charged - the Transferor Company is hereby directed to show the Lease Rental as Income, Provide Depreciation of the Building, pay building taxes etc., dues if any, prepare cash flow statement from 2016-2017 to 2019-2020 and file revised Balance Sheet as on 31/03/2020 with the Registry and RoC within 45 days from today. The present Company Scheme Petition deserves to be allowed - Application allowed.
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