TMI Blog2020 (2) TMI 1333X X X X Extracts X X X X X X X X Extracts X X X X ..... hin a period of 30 (Thirty) days from the date of receipt of such notice to the Tribunal and copy of such representations shall simultaneously be served upon the Applicant Companies, failing which, it shall be presumed that the authorities have no representations to make on the proposals. - C.A. (CAA)/4039/MB/2019 - - - Dated:- 20-2-2020 - Hon'ble Member (Judicial) Smt Suchitra Kanuparthi And Hon'ble Member (Technical) Shri V. Nallasenapathy For the Applicant(s): Mr Hemant Sethi, Hemant Sethi Co. ORDER V. Nallasenapathy, 1. The Applicant Companies submit that the present Scheme is a Scheme of Arrangement between Clover Technologies Private Limited ( The Demerged Company ) with Clover Infotech Private Lim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a) Unlock value for the shareholders of Clover Technologies and Clover Infotech; b) Allowing management to pursue independent growth strategies for each businesses; c) Allow in creating the ability to achieve valuation based on respective risk-return profile and cash flows, attracting the right investors and thus enhancing flexibility in accessing capital. 4. The Applicant Companies further submit that the Scheme has been approved by the board of directors of the Applicant Companies vide board resolutions dated 12th November, 2019 and the Appointed Date of the Scheme is fixed as 1st April, 2019. 5. The Applicant Companies submit that in the First Applicant Company there are 2 (Two) Equity Shareholders. Both the Equity Sharehol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ected to serve notices along with copy of scheme upon:- (i) concerned Income Tax Authority within whose jurisdiction the Applicant Companies assessments are made i.e. for First Applicant Company, Circle 1(1) Pune, having PAN No:AAACC7231Q and for Second Applicant Company, Circle 1(1) Pune, having PAN No: AABCC7544B; (ii) the Central Government through the office of Regional Director, Western Region, Mumbai; (iii) Registrar of Companies, Pune, with a direction that they may submit their representations, if any, within a period of 30 (Thirty) days from the date of receipt of such notice to the Tribunal and copy of such representations shall simultaneously be served upon the Applicant Companies, failing which, it shall be presumed that the au ..... X X X X Extracts X X X X X X X X Extracts X X X X
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