TMI Blog2020 (4) TMI 877X X X X Extracts X X X X X X X X Extracts X X X X ..... cant Companies, failing which, it shall be presumed that the authorities have no representations to make on the proposals. The Applicant Companies shall publish notices as required in terms of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, in two newspapers, viz., Business Standard (in English) and Navshakti (in Marathi). Ordered accordingly. Pronounced in open court today (22.04.2020). - CA (CAA) No.634/MB/2020 - - - Dated:- 22-4-2020 - Hon ble Shri Rajasekhar V.K., Member (Judicial) And Hon ble Shri V. Nallasenapathy, Member (Technical) For the Applicant: Mr. Hemant Sethi i/b Hemant Sethi Co. (Through Video Conferencing) ORDER V Nallasenapathy, Member (Technical) 1. The Counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cles. 4. The Counsel for the Applicants further submits the rationale for the Scheme of Amalgamation is that with a view to maintain a simple corporate structure and eliminate duplicate corporate procedures it is desirable to amalgamate the Transferor Company with the Transferee Company. The amalgamation shall facilitate consolidation of the Transferor Company with the Transferee Company, in order to enable effective management. The amalgamation will result in reduction in the multiplicity of legal and regulatory compliances and would create economies in administrative costs. This Scheme does not affect the rights and interests of the shareholders or the creditors of the Transferor Company and the Transferee Company. The shareholding and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mise or arrangement with any of the creditors and the rights of creditors are not affected and all the Unsecured creditors of the First Applicant Company would be paid off in the ordinary course of business. Therefore, no meeting of Creditors of the First Applicant Company is required to be convened. The First Applicant Company, however, undertakes to intimate its Unsecured Creditors by Post / Courier / Email / Hand-delivery of the proposed scheme with a direction that they may submit their representations, if any, within a period of thirty days from the date of receipt of such intimation, to the Tribunal with copy of such representations to be simultaneously be served upon the Applicant Company, failing which, it shall be presumed that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n CSA No 243 of 2017 in the matter of Housing Development Finance Corporation Limited, in CSA No. 915 of 2017 in the matter of Godrej Consumer Products Limited, in CSA No. 899 of 2017 in case of Mahindra CIE Automotive Limited, in CSA No. 1019 of 2017 in case of Godrej Properties Limited, in CSA No. 1615 of 2018 in case of Dolvi Minerals and Metals Private Limited, in CSA No. 396 of 2019 in JSW Logistic Infrastructure Private Limited, in CSA No. 1611 of 2019 in CEAT Specialty Tyres Limited, and in CSA No. 3123 of 2019 in JAI Corp Limited. The Counsel for the Applicant Companies submits that the facts in the present case are similar to the facts of above case therefore no meeting of shareholders and creditors of the Transferee Company is req ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mbai 400 005 11. The Applicant Companies are further directed to serve notices along with copy of the Scheme upon the Central Government through (i) the office of Regional Director (Western Region), Ministry of Corporate Affairs, Mumbai, and (ii) Registrar of Companies, Maharashtra, Mumbai. The Second Applicant/ Transferee Company is also directed to serve notice along with the scheme upon (i) Securities and Exchange Board of India (SEBI); (ii) BSE Limited; (iii) National Stock Exchange of India Limited (NSE); pursuant to section 230(5) of the Companies Act, 2013 and as per rule 8 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016, with a direction that they may submit their representations, if any, within a per ..... X X X X Extracts X X X X X X X X Extracts X X X X
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