TMI Blog2017 (9) TMI 2012X X X X Extracts X X X X X X X X Extracts X X X X ..... d. - B.S.V. Prakash Kumar, Member (J) And V. Nallasenapathy, Member (T) For the Petitioner : Mr. Hemant Sethi i/b M/s. Hemant Sethi Co., Advocate. For the Respondent : None ORDER B.S.V. Prakash Kumar, Member (J): Heard learned counsel for parties. No objector has come before this Hon'ble Tribunal to oppose the Scheme nor has any party controverted any averments made in the Petition. 2. The sanction of the Tribunal is sought under Sections 230 to 232 of the Companies Act, 2013 to the Scheme of Amalgamation of Rustomjee Constructions Private Limited and Yazarina Estates Investments Private Limited with Keystone Realtors Private Limited and their respective Shareholders. 3. Learned counsel for the Petiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Companies Act, 2013 and the Rules made there under. The said undertaking is accepted. 8. Pursuant to filing of the Compatu Scheme Application to this Hon'ble Tribunal, the Regional Director. Western Region, Mumbai has filed his Report dated 22 August, 2017 stating therein that save and except as stated in paragraph IV of the said Report, it appears that the Scheme is not prejudicial to the interest of shareholders and public. a) In addition to compliance of AS-14 (IND AS-103) the Transferee Company shall pass such accounting entries which are necessary in connection with the scheme to comply with other applicable Accounting Standards such as (IND AS-8) etc. b) Regarding Clause 10 of the Scheme it is submitted that the surplus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the companies involved in the scheme to file solvency certificate with Registrar of Companies, Mumbai as required u/s. 233(1)(c) read with section 233(12) of the Companies Act, 2013 and pass appropriate order(s) as deem fit. g) Both the Transferor Companies are in the Real Estate Development business. Hence, they may be directed to clarify the applicability of Real Estate Regulation and Development Act, 2016 with Maharashtra Rules and Regulation, 2017. 9. As far as the observation of the Regional Director. Western Region, Mumbai, as stated in paragraph IV(a) of his report is concerned, the Transferee Company through its Counsel undertakes that in addition to accounting treatment given in the Scheme, the Transferee Company shall pas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccordance with law. 12. As far as the observation of the Regional Director, Western Region, Mumbai, as stated in paragraph IV(e) of his report is concerned, the Petitioner Companies confirms that in terms of provisions of section 232(6) of the Companies Act, 2013 the Appointed Date for the Scheme of Amalgamation shall be 1 January, 2017 13. As far as the observation of the Regional Director, Western Region, Mumbai as stated in paragraph IV(f) of his report is concerned the Counsel for the Petitioners has tendered copy of Solvency Certificate, therefore the objection of the Regional Director does not survive. 14. As far as the observation of the Regional Director as stated in paragraph IV(g) of his report is concerned, the Petitione ..... X X X X Extracts X X X X X X X X Extracts X X X X
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