TMI Blog2015 (5) TMI 730X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income Tax Return. The Regional Director has made an observation with regard to securing the necessary FIPB approval on account of M/s Acclipse Limited being a foreign Company. That in response it is submitted that investment of M/s Acclipse Limited (Foreign Company) in Acclipse India Private Limited (Petitioner Company) does not required any approval from FIPB. As per the Clause 3.7 read with Clause 6.2 of Consolidated FDI Policy of 2014, if the sector/activities of Indian Company are not mentioned in the specified list, then it is permitted for a foreign entity to invest in Indian entity upto 100% of capital under automatic route. The Petitioner-Company is engaged in software services which does not fall under any of the sectors mentioned in aforesaid clause and hence does not require approval from FIPB. A copy of the relevant provision Consolidated FDI Policy of 2014 is annexed as Annexure P-B. For the reasons aforementioned and keeping in view the procedural requirements under Section 391 to 394 of the Companies Act, 1956 and as well as relevant affidavits and rules and due consideration to the report of the Regional Director, Ministry of Corporate Affairs, Noida and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce to the Regional Director, Ministry of Corporate Affairs, Noida and the Official Liquidator and also ordered for publication of the notice of the petition in the newspapers namely The Indian Express (English), Dainik Bhaskar (Hindi) both Chandigarh Edition and the official Gazette of Chandigarh Administration. The affidavit of publication has been filed and both the Official Liquidator and Regional Director have filed their respective reports. As per report of the Official Liquidator dated 9.3.2015 it has been pointed out that there was some clerical error. The details of which have been given as under:- (5) Some clerical error in Company Petition No.157 of 2014 as under:- (a) Difference in Totaling of Balance sheet dated 31.3.2013 of Transferor Company No.2 Non petitioner Company- Medknow Publications and Media Private Limited. Total of Liabilities Side was ₹ 714.36 Lakhs. Total of Assets side comes ₹ 714.45 Lakhs, but written as ₹ 714.36 Lakhs (Difference 0.09 Lakh) (b) Difference in Totaling of Balance Sheet dated 31.12.2003 of Transferor Company No.3 Non Petitioner Company -Wolters Kluwer Financial and Compliance Services Softwar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall be sufficient for issuance of shares pursuance to the Amalgamation. The Regional Director has also filed his report by way of affidavit dated 9.1.2015 and has taken the following objections:- 4. That the Deponent craves leave to submit that as per clause 13.4 of section D of the scheme it has been stated that the excess/deficit of the value of the asset over the value of the Liabilities of Transferor Companies vested in WKIPL pursuant to this scheme, and as recorded in the books of account of WKIPL shall, after adjusting the amount recorded in clause 13.2 and 13.3 above and Expenses of scheme , be treated in the Balance sheet of the Transferee Company in accordance with The Pooling of Interests method as prescribed under Accounting Standards-14 issued by the Institute of Chartered Accountant of India. 5. That the Deponent craves leave to submit that as per Ministry of Corporate Affairs General Circular No.1/2014 dated 15.1.2014, letter for furnishing the comments/observations, if any, in regard to scheme was sent to the office of Chief Commissioner of Income Tax, Gurgaon vide this Directorate's letter dated 11.11.2014. In this regard it is subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y of petition of the Petitioner Company along with Scheme had been sent to the concerned Income Tax Office that is ITO Wards 5 (4), Chandigarh-II as per Ministry of Corporate Affairs' General Circular No.1/2014 dated 15.1.2014 by the Petitioner Company itself. Copy of acknowledgement of Service is attached herewith and marked as Annexure P-A. 6. That in this paragraph, the Regional Director has made an observation with regard to securing the necessary FIPB approval on account of M/s Acclipse Limited being a foreign Company. That in response it is submitted that investment of M/s Acclipse Limited (Foreign Company) in Acclipse India Private Limited (Petitioner Company) does not required any approval from FIPB. As per the Clause 3.7 read with Clause 6.2 of Consolidated FDI Policy of 2014, if the sector/activities of Indian Company are not mentioned in the specified list, then it is permitted for a foreign entity to invest in Indian entity upto 100% of capital under automatic route. The Petitioner-Company is engaged in software services which does not fall under any of the sectors mentioned in aforesaid clause and hence does not require approval from FIPB. A copy of the relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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