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TMI Blog2020 (9) TMI 802X X X X Extracts X X X X X X X X Extracts X X X X ..... oppose the Scheme of Arrangement nor has any party made objections on any averments made in the Company Scheme Petition. 2. The sanction of this Tribunal is sought under Sections 230 to 232 read with Section 66 of the Companies Act, 2013 to a Scheme of Arrangement between Amura Marketing Technologies Private Limited and K2V2 Technologies Private Limited and their respective shareholders for Demerger of Demerged Undertaking (Product Business) of Amura Marketing Technologies Private Limited into K2V2 Technologies Private Limited and for reduction of Share Capital of K2V2 Technologies Private Limited. 3. The Representative for the Petitioner Companies states that the respective Board of Directors of Amura Marketing Technologies Private Limit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in accessing capital. d. Provide scope of separate companies for independent collaboration and expansion. e. K2V2 Technologies Private Limited will acquire the Product Business on going concern basis from Amura Marketing Technologies Private Limited. Amura Marketing Technologies Private Limited will focus on other commercial activities/businesses mainly Digital Marketing Business. Hence the demerger will ensure focused management attention and resources and skill set allocation. 7. The Representative appearing on behalf of the Petitioner Companies states that the Petitioner Companies have complied with all requirements as per directions of National Company Law Tribunal, Mumbai Bench and they have filed necessary affidavits of complian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red creditors of the Petitioner Company 1 and not of the Petitioner Company 2 as stated in its affidavit. The Petitioner Company 1 has paid entire amount due to IE Online Media Services Private Limited on 4th October, 2019 and proof of payment is annexed as Annexure M-2 to the Company Scheme Petition and more over the said unsecured creditors has not appeared before this bench to oppose the scheme as they are no more the unsecured creditors. 10. The Regional Director has filed his Report dated 3rd day of January,2020 stating therein that this Tribunal may take this representation on record and consider the observation made in para IV (a) & (b) and pass such other order or orders as deemed fit and proper in the facts and circumstances of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds including AS-5(IND AS-8) to the extent applicable. 13. As far as the observations made in paragraph IV(b) of the Report of Regional Director is concerned, the appointed date i.e 1st April, 2019 has been clearly indicated in the Scheme in accordance with provision of Section 232(6) of the Companies Act,2013 and the scheme will become effective from the appointed date. The Representative submits that the Petitioner Companies have already complied with the requirements and clarification of circular no. F. No. 7/12/2019/CL-I dated 21.08.2019 issued by the Ministry of Corporate Affairs. 14. The observations made by the Regional Director have been explained by Petitioner Companies in paragraphs 10 & 11 above. 15. Further, in this relation, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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