TMI Blog2017 (3) TMI 1851X X X X Extracts X X X X X X X X Extracts X X X X ..... th E-Form INC-28, in addition to physical copy, as per the relevant provisions of the Companies Act, 1956/2013 - The Petitioner Companies to pay costs of ₹ 25,000/- each to the Regional Director, Western Region, Mumbai. Costs to be paid within four weeks from the date of the order. Application allowed. - Company Scheme Petition No. 124, 125 of 2017 connected with High Court Company Summons for Direction No. 991, 992 of 2016 - - - Dated:- 22-3-2017 - B.S.V, Pralash Kumar And V. Nallasenapathy, JJ. For the Applicant: Mr. Hemant Sethi i/b Hemant Sethi Co., Advocates For the Respondent: Mr. Ramakatha, ORDER 1.Heard learned counsel for parties. No objector has come before this Honble Tribunal to oppose the Sche ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d by the Honble Bombay High Court in Company Summons for Direction Number 992 of 2016 convening of meetings of equity shareholders of GECPL was dispensed with in view of consents given by all the equity shareholders of GECPL. Also, convening of meetings of unsecured creditors of GECPL was dispensed with in view of the undertaking given by GECPL that they would issue individual notice of hearing of the petition to all its unsecured creditors. 6.The Learned Advocate appearing on behalf of the Petitioners states that the Petitions have been filed in consonance with the order passed in Company Summons for Direction Nos. 991 of 2016 and 992 of 2016. 7.By order dated 1stFebruary, 2017 passed by the National Company Law Tribunal, Mumbai Benc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 124 and 125 of 2017 along with relevant order etc. However, as on date there is no response from Income Tax Department. Further, the Regional Director has also issued a reminder on 21.03.2017 to respective IT Department. The tax implication if any arising out of the Scheme is subject to the final decision of the Income Tax Authorities. The approval of the Scheme by this Honble Tribunal may not deter the Income Tax Authority to scrutinize the tax return filed by the Transferee Company after giving effect to the scheme. The decision of the Income Tax Authority is binding on the Petitioner Company. c. Petitioner in the Clause No. 5.3 inter alia has mentioned that GECPL shall, if necessary and to the extent required, increase its author ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... statutory compliances have been fulfilled, the Company Scheme Petition Nos. 124 of 2017 and 125 of 2017 are made absolute in terms of prayer clause (a) of the respective petitions. 15.Petitioners are directed to lodge a copy of this order along with a copy of the Scheme of Arrangement with the concerned Registrar of Companies, electronically along with E-Form INC-28, in addition to physical copy, as per the relevant provisions of the Companies Act, 1956/2013. 16.The Petitioner Companies to pay costs of ₹ 25,000/- each to the Regional Director, Western Region, Mumbai. Costs to be paid within four weeks from the date of the order. 17.All concerned regulatory authorities to act on a copy of this order along with Scheme duly cert ..... X X X X Extracts X X X X X X X X Extracts X X X X
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