Just a moment...

Top
FeedbackReport
×

By creating an account you can:

Logo TaxTMI
>
Feedback/Report an Error
Email :
Please provide your email address so we can follow up on your feedback.
Category :
Description :
Min 15 characters0/2000
Make Most of Text Search
  1. Checkout this video tutorial: How to search effectively on TaxTMI.
  2. Put words in double quotes for exact word search, eg: "income tax"
  3. Avoid noise words such as : 'and, of, the, a'
  4. Sort by Relevance to get the most relevant document.
  5. Press Enter to add multiple terms/multiple phrases, and then click on Search to Search.
  6. Text Search
  7. The system will try to fetch results that contains ALL your words.
  8. Once you add keywords, you'll see a new 'Search In' filter that makes your results even more precise.
  9. Text Search
Add to...
You have not created any category. Kindly create one to bookmark this item!
Create New Category
Hide
Title :
Description :
❮❮ Hide
Default View
Expand ❯❯
Close ✕
🔎 Case Laws - Adv. Search
TEXT SEARCH:

Press 'Enter' to add multiple search terms. Rules for Better Search

Search In:
Main Text + AI Text
  • Main Text
  • Main Text + AI Text
  • AI Text
  • Title Only
  • Head Notes
  • Citation
Party Name: ?
Party name / Appeal No.
Law:
---- All Laws----
  • ---- All Laws----
  • GST
  • Income Tax
  • Benami Property
  • Customs
  • Corporate Laws
  • Securities / SEBI
  • Insolvency & Bankruptcy
  • FEMA
  • Law of Competition
  • PMLA
  • Service Tax
  • Central Excise
  • CST, VAT & Sales Tax
  • Wealth tax
  • Indian Laws
Courts: ?
Select Court or Tribunal
---- All Courts ----
  • ---- All Courts ----
  • Supreme Court - All
  • Supreme Court
  • SC Orders / Highlights
  • High Court
  • Appellate Tribunal
  • Tribunal
  • Appellate authority for Advance Ruling
  • Advance Ruling Authority
  • National Financial Reporting Authority
  • Competition Commission of India
  • ANTI-PROFITEERING AUTHORITY
  • Commission
  • Central Government
  • Board
  • DISTRICT/ SESSIONS Court
  • Commissioner / Appellate Authority
  • Other
Situ: ?
State Name or City name of the Court
Landmark: ?
Where case is referred in other cases
---- All Cases ----
  • ---- All Cases ----
  • Referred in >= 3 Cases
  • Referred in >= 4 Cases
  • Referred in >= 5 Cases
  • Referred in >= 10 Cases
  • Referred in >= 15 Cases
  • Referred in >= 25 Cases
  • Referred in >= 50 Cases
  • Referred in >= 100 Cases
From Date: ?
Date of order
To Date:
TMI Citation:
Year
  • Year
  • 2025
  • 2024
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010
  • 2009
  • 2008
  • 2007
  • 2006
  • 2005
  • 2004
  • 2003
  • 2002
  • 2001
  • 2000
  • 1999
  • 1998
  • 1997
  • 1996
  • 1995
  • 1994
  • 1993
  • 1992
  • 1991
  • 1990
  • 1989
  • 1988
  • 1987
  • 1986
  • 1985
  • 1984
  • 1983
  • 1982
  • 1981
  • 1980
  • 1979
  • 1978
  • 1977
  • 1976
  • 1975
  • 1974
  • 1973
  • 1972
  • 1971
  • 1970
  • 1969
  • 1968
  • 1967
  • 1966
  • 1965
  • 1964
  • 1963
  • 1962
  • 1961
  • 1960
  • 1959
  • 1958
  • 1957
  • 1956
  • 1955
  • 1954
  • 1953
  • 1952
  • 1951
  • 1950
  • 1949
  • 1948
  • 1947
  • 1946
  • 1945
  • 1944
  • 1943
  • 1942
  • 1941
  • 1940
  • 1939
  • 1938
  • 1937
  • 1936
  • 1935
  • 1934
  • 1933
  • 1932
  • 1931
  • 1930
Volume
  • Volume
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
TMI
Example : 2024 (6) TMI 204
By Case ID:

When case Id is present, search is done only for this

Sort By: ?
Even if Sort by Date is selected, exact match will be shown on the top.
RelevanceDate
    No Records Found
    ❯❯
    MaximizeMaximizeMaximize
    0 / 200
    Expand Note
    Add to Folder

    No Folders have been created

      +

      Are you sure you want to delete "My most important" ?

      NOTE:

      Case Laws
      Showing Results for :
      Reset Filters
      Results Found:
      AI TextQuick Glance by AIHeadnote
      No Records Found

      Case Laws

      Back

      All Case Laws

      Showing Results for :
      Reset Filters
      Showing
      Records
      ExpandCollapse
        No Records Found

        Case Laws

        Back

        All Case Laws

        Showing Results for : Reset Filters
        Case ID :

        📋
        Contents
        Note

        Note

        Note

        Bookmark

        print

        Print

        Login to TaxTMI
        Verification Pending

        The Email Id has not been verified. Click on the link we have sent on

        Didn't receive the mail? Resend Mail

        Don't have an account? Register Here

        Tribunal Approves Company Merger Plan; Online Meetings Set for Shareholders and Creditors with Full Compliance Measures.

        In Re : Parsec Enterprise Pvt Ltd. and Saurashtra Cement Ltd.

        In Re : Parsec Enterprise Pvt Ltd. and Saurashtra Cement Ltd. - TMI Issues Involved:
        1. Dispensation of meetings for Equity Shareholders, Secured Creditors, and Unsecured Creditors.
        2. Approval and compliance of the Scheme of Amalgamation.
        3. Compliance with statutory requirements and notifications.
        4. Directions for holding and convening meetings.
        5. Appointment of Chairman and Scrutinizer for meetings.
        6. Issuance of notices and advertisements for meetings.
        7. Reporting and compliance with Tribunal orders.

        Issue-wise Detailed Analysis:

        1. Dispensation of Meetings for Equity Shareholders, Secured Creditors, and Unsecured Creditors:
        The Applicant Transferor Company sought dispensation of meetings for its Equity Shareholders, Secured Creditors, and Unsecured Creditors. The Tribunal dispensed with the meeting of Equity Shareholders based on filed consent affidavits. Since there were no Secured and Unsecured Creditors, holding of meetings for them did not arise. The Applicant Transferee Company sought dispensation of the meeting for Secured Creditors, which was granted based on consent affidavits representing 93.18% of the total outstanding debt.

        2. Approval and Compliance of the Scheme of Amalgamation:
        The Scheme of Amalgamation aimed to merge Parsec Enterprises Private Limited (Transferor Company) with Saurashtra Cement Limited (Transferee Company). The rationalization included reducing overlaps, administrative and managerial costs, and simplifying the shareholding structure. The Board of Directors of both companies approved the Scheme in their respective meetings on 18th May 2020. The Scheme included provisions for indemnification by the shareholders of the Transferor Company for any liabilities devolving on the Transferee Company.

        3. Compliance with Statutory Requirements and Notifications:
        The Applicant Companies confirmed no pending investigations or proceedings under Sections 210 to 226 of the Companies Act, 2013. The provisions of the Competition Act, 2002, and FEMA were not applicable, eliminating the need for notices to the Competition Commission of India and the RBI. The Transferee Company, being a listed public limited company, was required to provide e-voting facilities as per SEBI circulars and comply with recent Ministry of Corporate Affairs circulars regarding video conferencing for meetings.

        4. Directions for Holding and Convening Meetings:
        The Tribunal directed the convening of meetings for the Equity Shareholders and Unsecured Creditors of the Applicant Transferee Company on 5th February 2021. The meetings were to be conducted through video conferencing or other audio-visual means, with notices sent at least one month prior. An advertisement about the meetings was to be published in specified newspapers.

        5. Appointment of Chairman and Scrutinizer for Meetings:
        Shri Ravi Kapoor, or in his absence, Mr. Trupal Kumar Patel, and in his absence, Shri Niren Morlidhar Nagri, were appointed as Chairman/Chairperson for the meetings. Mr. Sachin Ahuja, or in his absence, Ms. Ragini Chokshi, was appointed as the Scrutinizer for the meetings.

        6. Issuance of Notices and Advertisements for Meetings:
        Notices for the meetings were to be sent to Equity Shareholders and Unsecured Creditors, indicating the day, date, place, and time, along with a copy of the Scheme and required statements. The notices were to be sent via registered post, speed post, airmail, email, courier, or hand delivery.

        7. Reporting and Compliance with Tribunal Orders:
        The Chairman/Chairperson was directed to file an affidavit confirming compliance with the issuance of notices and advertisements. The result of the meetings was to be reported to the Tribunal in Form No. CAA.4, verified by affidavit, within seven days. Notices in Form No. CAA.3 were to be sent to the Central Government, Registrar of Companies, Income Tax authorities, and Official Liquidator, allowing 30 days for representations.

        Conclusion:
        The Company Application was allowed and disposed of accordingly, with detailed directions issued for compliance and holding of meetings.

        Topics

        ActsIncome Tax
        No Records Found