Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

In Re : Visa Bao Limited

Scheme of Amalgamation - Held that:- Scheme allowed. All the meetings connected with the scheme of equity shareholders, secured and unsecured shareholders of both the companies should be adhered to. - In view of Sections 230(4) and 232(1) of the Companies Act, 2013 read with Rules 5 and 6 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and Rules 20 and 22 of the Companies (Management and Administration) Rules, 2014, the Transferee Company, VISA STEEL LIMITED is req .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

JJ. For The Applicant : Ratnanko Banerji, Senior Advocate, Ms. Manju Bhuteria, And Ms. Nikita Jhunjhunwala, Advocates ORDER Vijai Pratap Singh, Judicial Member (J) This is an application filed by the applicants namely VISA BAO LIMITED (the Transferor Company ) and VISA STEEL LIMITED (the Transferee Company ) under Sections 230 and 232 of the Companies Act, 2013 read with the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 in relation to the Scheme of Amalgamation proposed be .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

NSE and BSE have sent their observation letters dated 6/4/2016 and 7/4/2016 respectively to Visa Steel Ltd. being Annexure H-2 and Annexure H-1 to the application. We have perused the application and have also heard the submissions made on behalf of the applicants and after considering the same we pass the following order:- The applicants had filed an application being COPET No. 24 of 2016 before the Hon'ble High Court at Orissa, Cuttack prior to December 2016. During pendency of the said ap .....

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 2016 pending before High Court at Orissa, Cuttack, as and when the same is taken up for hearing. The secured creditors of VISA STEEL LIMITED aggregating to 97.9% have given their consent in the CDR EG meeting held on 30/12/2014 which would be evident from the copy of the CDR Approval letter dated 31/12/2014, which is annexed to the application, being Annexure - P to the application. In view of the above, the meeting of the secured creditors of VISA STEEL LIMITED, the transferee company, is dis .....

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 Corporate Debt Restructuring Cell who proposed and approved the Scheme of Amalgamation. It is further stated that Daimler Financial Services India Private Limited has also given its consent vide its letter dated 29/03/2017. In view of the above, the meeting of the secured creditors of VISA BAO LIMITED, the transferor company, is dispensed with. The meeting of the equity shareholders of VISA STEEL LIMITED the Transferee Company shall be convened and held at Visa House , 11 Ekamra Kanan, Nayap .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

hought fit approving, with or without modification, the proposed Scheme of Amalgamation of the Transferor Company with the Transferee Company. The meeting of the Equity Shareholders of VISA BAO LIMITED, the Transferor Company shall be convened and held at Visa House , 11 Ekamra kanan, Nayapalli, Bhubaneswar - 751 015, Odisha on 30/06/2017 at 2.00 p.m. for the purpose of considering, and if thought fit approving, with or without modification, the proposed Scheme of Amalgamation of the Transferor .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

of the equity shareholders of the Transferee Company shall be thirty members persons present either in person or by proxy in accordance with section 103 of the Companies Act, 2013; b The quorum for meeting of the Unsecured Creditors of the Transferee Company shall be one-third in number of the unsecured creditors present either in person or by proxy and more than 25% in value of the unsecured debt. c The quorum for meeting of the Equity Shareholders of the Transferor Company shall be five perso .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

g shall be deemed to constitute the quorum. For the purpose of computing the quorum the valid proxies shall also be considered, if the proxy in the prescribed form duly signed by the person entitled to attend and vote at the meeting is filed with the registered office of the applicants or their Advocate on Record at least 48 hours before the meetings. Ms. Shreya Choudhary, Advocate (Mobile No. 9836543806) is appointed as the Chairperson for the meetings to be held under this order and the releva .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

malgamations) Rules, 2016 and Rules 20 and 22 of the Companies (Management and Administration) Rules, 2014, the Transferee Company, VISA STEEL LIMITED is required to provide the facility of postal ballot and e-voting to its shareholders. Accordingly, voting by equity shareholders of the Transferee Company to the scheme shall be carried out through (i) postal ballot and e-voting; and (ii) electronic voting system or ballot or polling paper at the venue of the meeting of the equity shareholders 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

tered office of the applicant companies. The publication shall also indicate that the Statement containing necessary details required to be furnished pursuant to Section 102 read with Sections 230 to 232 of the Companies Act, 2013 and the prescribed form of proxy can be obtained free of charge at the registered office of the concerned Applicant company/companies or at the office of its Advocates M/s. Khaitan & Co, Emerald House, IB, Old Post Office Street, Kolkata 700 001 in accordance with .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

read with Sections 230 to 232 of the Act and Rule 6 of Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and the prescribed form of proxy shall be sent to each of the equity shareholders of the applicant companies at their respective registered or last known addresses either by registered post or speed post/Airmail or through courier or through e-mail. In addition, postal ballot forms along with instructions for voting will also be sent to the equity shareholders of the Transfe .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

th a copy of the Scheme, copy of statement required to be furnished pursuant to Section 102 of the Act read with Sections 230 to 232 of the Act and Rule 6 of Companies (Compromises, Arrangements and Amalgamations) Rules, 2016 and the prescribed form of proxy shall be sent to each of the unsecured creditors of the Transferee Company and the Transferor Company at their respective registered or last known addresses either by registered post or speed post/Airmail or through courier. The applicant co .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

earing on the operation of the applicant companies along with copies of required documents and disclosures required under the provisions of Section 230(5) of the Companies Act, 2013 in Form No. CAA.3 of the Companies (Compromises, Arrangements & Amalgamation) Rules, 2016 with necessary variations incorporating the directions therein, by sending the same by hand delivery through special messenger or by registered post or speed post within 10 days from the date of this order for filing their r .....

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 meetings shall be allowed on the proposed Scheme by voting in person or by proxy. In addition, for meeting of equity shareholders of the Transferee Company, voting through postal ballot or through electronic means as per the Rules will also be allowed which shall be in accordance with the procedure recommended by the relevant depository for such e-voting. The Chairperson shall be responsible to report the results of the meetings within 7 days of the conclusion of the meetings. SEBI Circula .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     Latest Happenings     ↓  

Notification: Absolute Exemption from IGST on inter-State supplies of goods

Notification: CGST Rate Schedule u/s 9(1) - notifying rates of CGST @ 2.5%, 6%, 9%, 14%, 1.5% and 0.125% on Supply of Goods

Notification: seeks to exempt Skimmed milk powder, or concentrated milk

Forum: REGISTRETION

Forum: On what Value tax to be deducted at source (TDS)

Highlight: IGST Rate Schedule u/s 5(1) - notifying rates of IGST @ 5%, 12%, 18%, 28%, 3% and 0.25% on supply of goods. - Notification no. 1/2017 as amended vide notification dated 22-9-2017

Notification: IGST Rate Schedule u/s 5(1) - notifying rates of IGST @ 5%, 12%, 18%, 28%, 3% and 0.25% on supply of goods.

Highlight: National Advisory Committee on Accounting Standards - Tenure of the NACAS extended from one year to two years

Notification: National Advisory Committee on Accounting Standards

Forum: Duty Drawback- Urgent

Notification: Central Government appoints the 20th September, 2017 as the date on which proviso to clause (87) of section 2 of the Companies Act 2013, shall come into force - "subsidiary company" or "subsidiary"

Highlight: Restriction on number of layers for certain classes of holding companies - More than two layers of subsidiaries not allowed subject to certain exceptions.

Forum: GST on RCM on rent in a unregistered state

Forum: COMPOSITION SCHEME

Forum: Input Tax Credit - Reg

Article: Websites of Government Departments need lot of improvement. We are noticing detoriations in them for example, case of website of ITAT.

Highlight: Levy of additions tax u/s 115O on distribution of dividend - shares of its profits declared as distributable among the shareholders is not impressed with the character of the profit from which it reaches the hands of the shareholder - not to be bifurcated as agriculture and non-agriculture dividend - SC

Highlight: Rate of GST on old and scrap buses - 28% or 18% - at such initial tender process initiated by the Respondents-KSRTC, the present petitions filed by the petitioners are premature and misconceived and do not require any interference by this Court at this stage. - HC

Highlight: In view of amendment made u/s 132A of the Income Tax Act, 1961 by Finance Act of 2017, the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal, SC dismissed the appeal of the assessee

Highlight: Validity of Assessment Order - period of limitation u/s 153 (2A) is applicable even if the entire order was not set aside but matter was remanded back for for limited aspects with directions - HC

News: Note ban was a shake-up, achieved its main objectives

Notification: Amendments in the notification No.5/2017- Integrated Tax (Rate) dated the 28th June, 2017.

Highlight: Levying interest u/s 234C - interest is to be charged on the returned income and not on assessed income.

Highlight: Accrual of income - sale of right to develop and sell incentive FSI under LOI - till the conditions of LOI are fulfilled transfer is not complete and income does not accrue to the assessee

Highlight: TPA - determination of ALP - TP adjustment by applying Bright Line Test (BLT) is not sustainable on protective basis having no statutory mandate.

Highlight: Safeguard Duty - Advance License Scheme - as there is no exemption from safeguard duty leviable under Section 8C, which is imposed on the goods imported from China, the importer has to pay safeguard duty

Highlight: Manufacture - process of cutting of waste plastic container - Such plastic containers before and after cutting are nothing but waste / scrap - Not a manufacturing activity as no new product emerges.

News: NITI Aayog and Govt. of Assam organizes workshop on health sector reforms in Guwahati; launches SATH- Sustainable Action for Transforming Human Capital

Notification: Seeks to amend notification no. 5/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding restriction of refund on corduroy fabrics

Notification: Seeks to amend notification no. 2/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst exemptions

Notification: Seeks to amend notification no. 2/2017- integrated tax(rate) dated 28.06.2017 to give effect to GST council decisions regarding GST exemptions.

Notification: Seeks to amend notification no. 1/2017- central tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates

Notification: Seeks to amend notification no. 1/2017- integrated tax(rate) dated 28.06.2017 to give effect to gst council decisions regarding gst rates.

News: Notification Issued For GST Actionable Claim On Branded Food Products

Highlight: Classification printed computer stationary/manifold Business Forms - to be classified under Chapter Heading 4820.00 or under Chapter Heading 4901.90 - items like A4 sheets, advertisement and job card to be classified under Chapter 49

Article: RCM Applicability to persons not liable to get registered us 23(1)

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

News: GST Refund - Blockage of Working Capital of Exporters - earlier also there was a normal blockage of funds for a period of 5-6 months at least

News: Clarification about Transition Credit - ₹ 1.27 lakh crore of credit of Central Excise and Service Tax was lying as closing balance as on 30th June, 2017 - claim of credit of ₹ 65,000 crore is not unexpected

Article: 20 Things You must know about E Way Bills in GST Law

Article: MISTAKES IN DRAFTING

Highlight: The Customs and Central Excise Duties Drawback Rules, 2017 and All Industry Rates (AIRs) of Drawback related changes -reg. - Circular

Highlight: The definition of "subsidiary company" or "subsidiary" u/s 2(87) of the Companies Act, 2013 shall come into force w.e.f. 20-9-2017

Highlight: Central Government notified the All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017 - Notification

Notification: All Industry Rates of Duty Drawback Schedule w.e.f. 1.10.2017

Circular: Investment by Foreign Portfolio Investors in Corporate Debt Securities Review

Notification: Exemptions on supply of services under UTGST Act

Notification: Rates for supply of services under UTGST Act

Notification: Exemptions on supply of services under IGST Act

Notification: Rates for supply of services under IGST Act



|| 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