New User   Login      
Tax Management India .com TMI - Tax Management India. Com
Extracts
Home List
← Previous Next →

2016 (2) TMI 2 - GUJARAT HIGH COURT

2016 (2) TMI 2 - GUJARAT HIGH COURT - TMI - Scheme of Amalgamation is sanctioned. It is, however, directed that the petitioner Transferor Companies shall preserve their books of accounts, papers and record and shall not dispose of the records without the prior permission of the Central Government under Section 396A of the Companies Act, 1956. - COMPANY PETITION NO. 419, 420, 424 of 2015, COMPANY APPLICATION NO. 368, 369, 373 of 2015 - Dated:- 20-1-2016 - SMT. JUSTICE ABHILASHA KUMARI, J. FOR THE .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ivate Limited and V.H.Doshi & Sons Investment Company Private Limited with Echjay Industries Private Limited and their respective shareholders and creditors. 2. Echjay Industries Private Limited, the Transferee Company, filed Company Application No.368/2015, seeking dispensation of the meeting of the Equity Shareholders. The petitioner submitted that this being the Transferee Company, the meeting of the Creditors is not required to be held. By an order dated 30.11.2015, passed in Company App .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

dispensation of the meeting of the Equity Shareholders. It is reported that there are no creditors of the petitionerCompany. 4. Hari Mahavin Investment Private Limited, the Transferor Company, filed Company Application No.370/2015, seeking dispensation of the meeting of the Equity Shareholders of the petitionerCompany. By an order dated 30.11.2015, passed in Company Application No.370/2015, this Court ordered dispensation of the meeting of the Equity Shareholders. It is reported that there are n .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

y Private Limited, the Transferor Company, filed Company Application No.372/2015, seeking dispensation of the meeting of the Equity Shareholders of the petitionerCompany. By an order dated 30.11.2015, passed in Company Application No.372/2015, this Court ordered dispensation of the meeting of the Equity Shareholders. It is reported that there are no creditors of the petitionerCompany. 7. M/s.V.H.Doshi & Sons Investment Company Private Limited, the Transferor Company, filed Company Applicatio .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

oposed merger, in compliance with RBI circular dated 09.07.2015. 9. The petitioners, thereafter, filed Company Petition Nos.419 to 424 of 2015, seeking sanction of the Scheme of Amalgamation. 10. By separate orders dated 08.12.2015, this Court admitted the petitions and directed the issuance of notice to the Regional Director in the case of all the companies and notice to the Official Liquidator in the case of the Transferor Companies. This Court also directed the publication of the notice of th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

itioner companies have filed affidavits dated 05.01.2016, respectively, in support of the publication of the advertisements. 12. In response to the notice issued, the Regional Director has filed a common affidavit dated 13.01.2016, making three observations. The first observation made by the Regional Director is with regard to the valuation report. It is stated in the report that though the valuer has recommended the Share Exchange Ratio, the working sheets for calculation of the share exchange .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ake the compliance of the Income Tax Act and Rules. 13. In response to the affidavit of the Regional Director dated 13.01.2016, the petitioner Transferee Company has filed an affidavit dated 19.01.2016, giving its response to the observations of the Regional Director. It is submitted that the valuation report is prepared by the Firm of Chartered Accountants which contains all relevant details. The Regional Director has never asked for the working sheets. The valuation report is already supplied .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

. 15. With regard to the third observation, it is submitted that the report of the Regional Director, itself, shows that pursuant to the letter of the Regional Director, no adverse remarks, within the stipulated period of time, are received from the Income Tax Department. As per the circular dated 15.01.2014 issued by the Ministry of Corporate Affairs, it is stipulated that if no response is received from the Income Tax Department within a period of fifteen days from the receipt of the notice by .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

difference in amount of TDS. The Official Liquidator has requested this Court to direct the petitioner Transferor Companies to give a clarification on the observation/opinion of the Chartered Accountants with regard to difference in balances in three Mutual Funds Portfolio Accounts. 17. In response to the report of the Official Liquidator, each of the Transferor Companies have filed their separate affidavits dated 19.01.2016, stating that firstly, the observations made by the Chartered Accountan .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

he petitionerTransferor Companies made provision of the professional fees payable to the Portfolio Managers as at the end of the financial ending 31.03.2015 and deducted the tax at source. The Portfolio Managers have shown the income less the amount of TDS in their books at the beginning of the present financial year. The figure as mentioned in Clause-2 is the difference in time in booking the payment of fees to the Portfolio Managers in the books of the respective Transferor Companies as compar .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

the petitionerTransferor Companies to preserve their books of accounts, papers and records and not to dispose of the records without the prior permission of Central Government under Section396A of the Companies Act, 1956. 19. Having heard Mr.Navin K. Pahwa, learned counsel for the petitioner companies, Mr.Kshitij Amin, learned Central Government Standing Counsel on behalf of Mr.Devang Vyas, learned Assistant Solicitor General of India for the Regional Director and upon perusal of the reports of .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 



|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version