TMI Blog2020 (9) TMI 382X X X X Extracts X X X X X X X X Extracts X X X X ..... nize books of Accounts of the Transferor Companies for the last five years. If no response is received by the concerned Tribunal from the Official Liquidator within 30 days it may be presumed that the Official Liquidator, High Court, Bombay at Mumbai has no objection to the proposed Scheme as per Rule 8 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. - CA(CAA)/ 1047 /(MB)/2020 - - - Dated:- 21-8-2020 - Hon ble Smt. Suchitra Kanuparthi, Member (Judicial) And Hon ble Shri. Chandra Bhan singh, Member (Technical) For the Applicant : Ms. Priyanka Jain, Practicing Company Secretary ORDER Per : Suchitra Kanuparthi, Member ( J ) 1. This Court is convened by video conference today 21.08.2020. 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Applicant Company 4 is in the business of purchasing, taking on lease or tenancy or in exchange hire, acquire any estate, lands, buildings, easements, or other interest, rights in immovable properties and to hold concessions, licenses, privileges, claims, leases, sell and to mortgage, to lease immovable properties of the company 6. The rationale for the Scheme is as under: (i) ABANDCOMPANY CORPORATE SERVICES LTD, the First Transferor Company holds 44.68%, 49.21% 46.66 shares in the share capital of, the MANALI ENTERPRISE PRIVATE LIMITED the Transferor Company No. 2, MANALI FINVEST LIMITED The Transferor Company No. 3 and ABNCO PROPERTIES PRIVATE LIMITED Transferee Company, respectively. (ii) MANALI ENTERPRISES PVT LTD the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ignificant business activities due to challenging economic conditions and slowdown in domestic economy. (x) The amalgamation of all the Transferor Companies into the Transferee Company shall facilitate consolidation of all the undertakings enabling effective management and unified control of operations. This would enable streamlining the activities and consequently reducing managerial overlaps by reducing the number of companies under the same Management and thus lead to reduction in administration efforts. (xi) It would be advantageous to combine the activities and operations of all the Four Companies into a single Company for leveraging financial and operational resources and reflecting stronger financial position and for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ust, 2020. In view of this, the meeting of the equity shareholders of the Fourth Transferor Company is dispensed with. 11. The Learned Authorised Representative submits that there are no Secured Creditors in either of the Transferor Companies or the Transferee Company. 12. There are 3 (Three) Unsecured Creditors in the First Transferor Company with a total outstanding amount of ₹ 4,02,00,500/- as on March 19, 2020. The details of the same have been placed at p. 449 of the Application and the consent from all the unsecured creditors has been placed at p. 450-457 of the Application. There are 2 (Two) Unsecured Creditor in the Second Transferor Company with a total outstanding amount of ₹ 4,48,75,500 /- as on March 19, 2020. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Companies, Maharashtra, Mumbai; (3) Income Tax Authority within whose jurisdiction the respective applicant companies are assessed to tax, clearly indicating the PAN of the concerned company i.e. for Transferor Company 1 PAN- AABCG5691F, Joint Commissioner of Income Tax, Ward 4(1)(3), Aaykar Bhawan, Mumbai; for Transferor Company 2 PAN-AABCE5437F, Joint Commissioner of Income Tax, Ward 4(2)(4), Aaykar Bhawan, Mumbai; for Transferor Company 3 PAN- AACCT2561N, Joint Commissioner of Income Tax, Ward 12(1) (1), Mumbai, Aaykar Bhawan, Mumbai; for Transferee Company PAN AABCE5914H, Joint Commissioner of Income Tax, Circle 4(1)(1), Aaykar Bhawan, Mumbai pursuant to Section 230(5) of the Companies Act, 2013 as per Rule 8 of the Companie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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