9911796707
TMI Blog2012 (6) TMI 343X X X X Extracts X X X X X X X X Extracts X X X X ..... nakya Infracon Pvt. Ltd., Takshashila Properties Pvt. Ltd., Takshashila Realties Ltd., Youngstar Infracon Pvt. Ltd. with Takshashila Gruh Nirman Pvt. Ltd. (Petitioner Company). 3. It is submitted by the petitioner that the transferee company and transferor companies are under the same management and to attain synergic benefit the scheme of arrangement in the nature of amalgamation is proposed. Further, upon amalgamation the transferor companies shall be dissolved without winding up. It is submitted that all the companies are engaged in the business of construction activities and real estate business. 4. Company Application No. 263 of 2011 for appropriate orders for convening the meeting of secured creditors and dispensing with the meeting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d issuance of the notice to the Regional Director and publication of the advertisement in two local newspapers namely Indian Express English Daily and Divya Bhaskar Gujarati Daily both Ahmedabad Edition and fixed the date of hearing on 11.05.2011. 8. According to the directions of this Court, the petitioner got published the advertisement in the respective newspapers and got served the notice of petition to the Regional Director on 09.05.2011. Affidavit of service dated 09.05.2011 came to be filed. The advertisement in the respective newspapers came to be published on 28.04.2011. 9. Pursuant to the notice, the Regional Director filed the common report and opined, upon considering the explanation and documents that the affairs of the compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e project consisting of construction of Hotel and Commercial Property and during the year 2009-2010, the construction was just started and such construction do not exceed more than 5% and hence, according to Accounting Standard adopted by the Institute of Chartered Accountants of India, the direct expenses were transferred to work in progress while the administrative expenses are to be written off over a period of 5 years and amount of Rs. 1.34 lac which is carried over, further as far as the loss sustained of Rs. 158.23 lac by Takshashila Realty Ltd., it is explained that said transferor company has taken loans for various projects which were under construction by other transferor companies as well as transferee company and such company ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s loss in few of the transferor companies are due to the reasons stated above and in fact are not the actual business losses. Further, it is averred that, all the companies are under the same management and are family companies which are closely held companies and upon merger there is no interest of either of the members or public at large is going to be adversely affected and all the companies are going concerns and doing the business uninterruptedly. 13. Considering the opposition affidavit and rejoinder affidavit by the petitioner, it is ordered that the objection has no basis and sanctioning of the scheme in no way affecting the rights if any of the objector and the apprehension about the transferee company shall go into liquidation up ..... X X X X Extracts X X X X X X X X Extracts X X X X
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