TMI Blog2020 (9) TMI 712X X X X Extracts X X X X X X X X Extracts X X X X ..... ess - The Board of Directors of the Transferor Companies have approved the present Scheme vide Resolution dated 16th July 2018. The other necessary requirements have also been fulfilled as per the directions given by this Bench from time to time. The Company Petition is allowed and the Scheme of Amalgamation annexed as annexure A-1 with the Petitions is hereby Sanctioned. The Scheme approved shall be binding on the Shareholders, Creditors and employees of the Companies involved in this Scheme. The Appointed date of the Scheme is 01.04.2018 - While approving the Scheme, it is further clarified that this Order will not be construed as an order granting exemption from payment of stamp duty or taxes or any other charges, if payable, as per t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s with the Transferee Company. As per the Scheme of Amalgamation (in short, 'Scheme'), SPY Infrastructure Private Limited Enakshi Towers Private Limited Enakshi Residency Private Limited Enakshi Infrastructure Private Limited VMS Towers Private Limited VMS Infrastructure Private Limited. (hereinafter referred to as 'Transferor Companies') are proposed to be merged with Pranshu Residency Private Limited. (hereinafter referred to as Transferee Company') as a going concern. 2. The Transferor Company 1 being a private limited Company was incorporated on 17th September 2007 under the Companies Act 1956 The Transferor Company's Corporate Identification Number (in short TIN ) is U45400DL2007PTC168250. 3. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... generally to deal in the real estate business. 10. The Board of Directors of the Transferor Companies have approved the present Scheme vide Resolution dated 16th July 2018. The other necessary requirements have also been fulfilled as per the directions given by this Bench from time to time in CA(CAA)-167(ND)/2018. 11. Clause 1 of the Scheme states the rationale of the scheme i.e. Amalgamation has been envisaged to create a single robust entity which would carry on businesses that are integrated and complimentary in nature. The combined entity will have the ability to leverage on its large asset base and vast pool of intellectual capital. It will have large net worth and borrowing capacity to expand its business at a faster rate. Moreo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppointed date, to claim refunds and interest due, if any thereon, credits, exemptions pursuant to provisions of this Scheme. 14. Clause 6 of the scheme provides that all suits, actions and other proceedings including legal and taxation proceedings, if any, by or against the Transferor Companies pending and arising on or before the effective date shall be continued and or be enforced by or against the Transferee Company as effectually and in the same manner and extent as if the same has been instituted and/or pending and/or arising by or against the Transferee Company. It is further submitted by the Counsel for the Petitioners that no winding up petitions are initiated/pending against the Transferor Companies and there are no other invest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sections 230 to 232 of the Companies Act, 2013. 19. Taking into consideration the above, the Company Petition is allowed and the Scheme of Amalgamation annexed as annexure A-1 with the Petitions is hereby Sanctioned. The Scheme approved shall be binding on the Shareholders, Creditors and employees of the Companies involved in this Scheme. The Appointed date of the Scheme is 01.04.2018. 20. While approving the Scheme as above, it is further clarified that this Order will not be construed as an order granting exemption from payment of stamp duty or taxes or any other charges, if payable, as per the relevant provisions of law or from any applicable permissions that may have to be obtained or, even compliances that may have to be made as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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