Subscription   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
CGST - Acts + GST Rates GST Ntf. GST Forms GST - Manual GST - FAQ State GST Acts SGST Ntf. I. Tax Manual
Extracts
Home List
← Previous Next →

In Re Marvel Farm Products Private Limited Dynamic Orbits Management Services Private Limited Knowledgeage Technologies Private Limited

Scheme of amalgamation - Held that:- In view of the approval accorded by the shareholders and creditors of the Petitioner Companies and the representation/affidavit filed by the Regional Director, and the report of the OL, raising no objections to the proposed Scheme; there appears to be no impediment to grant of sanction to the Scheme. Consequently, sanction is hereby granted to the Scheme the provisions of section 391 to 394 of the Act. - Notwithstanding the above, if there is any deficien .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

evant provisions of law or, from any applicable permissions that may have to be obtained or, even compliances that may have to be made, as per the mandate of law. - CO.PET. 626/2016 - Dated:- 30-1-2017 - MR. SIDDHARTH MRIDUL J. Mr. Dhruv Gupta and Mr. Ashutosh Gupta, Advocates for the Petitioners. Ms. Aparna Mudiam, Assistant ROC. Mr. Ashish Makhija, Advocate for the OL. J U D G M E N T SIDDHARTH MRIDUL, J. 1. The present petition has been f .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

amation of the Transferor Companies with the Transferee Company. 2. The registered offices of each of the Petitioner Companies are situated at Delhi, within the jurisdiction of this Court. 3. Transferor Company No.1 was incorporated under the Act and a certificate in this behalf was issued on 17.11.1994 by the Additional Registrar of Companies, NCT of Delhi and Haryana at New Delhi under the name of Marvel Corporate Services Private Limited. Thereafter, the name of Transfer .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

o its present name and a fresh certificate in this behalf was issued on 28.11.2015 by the Assistant Registrar of Companies, NCT of Delhi and Haryana. 5. The Transferee Company was incorporated under the Act vide certificate of incorporation dated 06.04.2000, issued by the Assistant Registrar of Companies, NCT of Delhi and Haryana. 6. The authorized share capital of Transferor Company No.1 as on 31.03.2015 is ₹ 10,00,000/- divided into 1,00,000 shares of ₹ 10/- e .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

> 8. The authorized share capital of the Transferee Company as on 31.03.2015 is ₹ 20,00,000/- divided into 1,60,000 equity shares of ₹ 10/- each and 40,000 preference shares of ₹ 10/- each. The issued, subscribed and paid up share capital of the Transferee Company as on 31.03.2015 is ₹ 6,55,000/- divided into 65,500 equity shares of ₹ 10/- each. 9. Copies of the Memorandum of Association and Articles of Association, the audited annual accounts for the yea .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

as on the date of institution of the present petition. 11. It has further been stated on behalf of the Petitioner Companies that the scheme has been approved by their respective Board of Directors (BOD). Copies of the resolutions dated 25.02.2016 of the Petitioner Companies, whereby the scheme has been approved have been filed with the present petition. 12. A copy of the Scheme has been enclosed with the petition and its salient features have been incorporated in the peti .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ties. c) Independent operations of Transferor Companies and Transferee Company leads to incurrence of significant costs and thus the amalgamation would enable economies of scale by attaining critical mass and achieving cost saving. d) The amalgamation would also provide the Transferee Company with sustain growth by increasing market share and gaining access to additional customers. e) The amalgamation would also enable consolidation and further expansion of the T .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ously. 13. So far as the share exchange ratio is concerned, the same has been stated to be as follows: · The Transferee Company shall issue and allot 10 Equity shares of face value of ₹ 10/- each in the Transferee Company for every 100 Equity Shares of face value ₹ 10/- each held by them in Transferor Company No.1. · The Transferee Company shall issue and allot of 3 Equity shares of face value of ₹ 10/- each in the Transferee Compa .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ere being no secured and unsecured creditors of any of the Petitioner Companies). 15. Thereafter, the present petition came to be filed by the Petitioner Companies. Notice in the present petition was issued to the Official Liquidator, Regional Director and the Registrar of Companies vide order dated 29.07.2016. Further, this Court by way of the said order directed that the citations be published in the Delhi editions of Business Standard (English Edition) and Business Standard (Hindi .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

f the Transferor Companies do not appear to have been conducted in a manner prejudicial to the interests of its members or public interest. 18. Therefore, the OL is stated to have no objections if this Court were to grant sanction to the proposed Scheme. 19. Pursuant to the notice being issued in the Petition, the Regional Director has filed its representation/affidavit dated 06.12.2016, not raising any objections to the grant of the proposed Scheme. 20. An affi .....

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