Home Case Index All Cases Companies Law Companies Law + AT Companies Law - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 1105 - AT - Companies LawScheme of merger/amalgamation rejected - Held that:- In the rejoinder affidavit, the appellants have taken a plea that the objection that ‘MCA21 portal’ reflects the paid-up capital of the Transferee Company is different as per the scheme, is not based on record. The ‘MCA21 portal’ of the Transferee Company’s master data shows that the paid-up capital is ₹ 5,68,79,400/- and as such, there is no discrepancy in the issued subscribed and paid-up capital of the Company as alleged. The appellants have also taken a plea that the Transferee Company is not a Non-Banking Financial Company (NBFC). However, on perusal of the report of the Regional Director and letter forwarded to the Reserve Bank of India dated 28th April, 2017, it is clear that the “Signature Global (India) Private Limited’, namely, the Transferee Company is carrying NBFC’s activities which, according to the Reserve Bank of India, is illegal activity, as no permission of the Reserve Bank of India has been taken. In view of the specific plea taken by the Reserve Bank of India and brought to the notice of the Tribunal by both Registrar of Companies and Regional Director, Northern Region, we are not inclined to interfere with the impugned order dated 11th August, 2017. Appeal dismissed.
|