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

2016 (9) TMI 267 - GUJARAT HIGH COURT

2016 (9) TMI 267 - GUJARAT HIGH COURT - TMI - Scheme of Amalgamation is sanctioned. The sanction of the scheme is subject to the sanction of the Scheme by the Hon’ble High Court of Judicature at Bombay in the petition med by the Transferee company. It is further directed that the petitioner Company shall preserve its books of accounts, papers and record and shall not to dispose of the records without the prior permission of the Central Government under Section 396A of the Companies Act, 1956. 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

ions of Sections 391 to 394 of the Companies Act, 1956 seeking sanction of the Scheme of Amalgamation of Udayan Developers Private Limited with Aditya Findings Private Limited. It is reported that as the registered office of Aditya Findings Private Limited, the Transferee Company is situated at Mumbai, the said Company has initiated proceedings for sanction of Scheme before the Hon ble High Court of Judicature at Bombay. 2. The petitioner, earlier filed Company Application No. 146 of 2016 seekin .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ed the petition and directed issuance of notice to the Regional Director as well as to the Official Liquidator. This Court also directed publication of notice of petition in English Daily Indian Express and vernacular daily Gujarat Mitra , having circulation in Surat. 5. Pursuant to the order dated 4.5.2016. the petitioner has published the notice of petition in Gujarati Daily Gujarat Mitra and English Daily Indian Express , both having circulation in Surat, on 30.5.2016. The Authorised Signator .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

third observation is with regard to the comments from the Income Tax Department. According to the Regional Director, the petitioner Company may be directed to undertake compliance of the Income Tax Act and Rules. 7. In response to the affidavit of the Regional Director dated 29.6.2016, the petitioner has filed an affidavit dated 10.08.2016 giving its response. With regard to the first observation, it is submitted on behalf of petitioner that clause 10.3 of the Scheme provides for reclassificati .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

is found that the authorized share capital as per Clause 10.3 of the Scheme is not sufficient for the purpose of issue and allotment of new equity shares, the Transferee Company would take necessary steps to increase the authorized share capital. 8. With regard to second observation, it is submitted on behalf of petitioner that the petitioner Transferor Company does not fall under the category of NBFC. Accordingly, the petitioner company has not obtained any NOC from the Reserve Bank of India. .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

icial Liquidator confirms that the affairs of the transferor company have not been conducted in a manner prejudicial to the interest of its members or to the public interest. The Official Liquidator, however, has requested this Court to direct the petitioner to preserve its books of accounts, papers and records and not to dispose of the records without the prior permission of Central Government u/s. 396A of the Companies Act, 1956. The Official Liquidator has also requested this Court to direct .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

algamation together with relevant documents on record, the Court finds it appropriate to grant sanction to the present Scheme of Amalgamation. 12. In view of the above, the Scheme of Amalgamation is sanctioned. The sanction of the scheme is subject to the sanction of the Scheme by the Hon ble High Court of Judicature at Bombay in the petition med by the Transferee company. It is further directed that the petitioner Company shall preserve its books of accounts, papers and record and shall not to .....

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