TaxTMI 
TaxTMI 
2015 (3) TMI 114
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.... being condoned and the report being taken on record. In view of the above, the delay filing the report is condoned and the report is taken on record. CO.PET. 645/2014 1. This second motion joint petition has been filed under sections 391 & 394 of the Companies Act, 1956 ("Act") seeking sanction of the Scheme of Arrangement ("Scheme") of Ganesh Paper Mills (Delhi) Private Limited (hereinafter referred to as Demerged Company) with Rollex Exim Private Limited (hereinafter referred to as the Resulting Company No. 1) Neeru Properties Private Limited (hereinafter referred to as the Resulting Company No. 2) and HD Business Services Private Limited (hereinafter referred to as the Resulting Company No. 3) (hereinafter collectively referred....
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....g sanction of the Scheme of Arrangement. Vide order dated 17th October 2014, notice in the petition was directed to be issued to the Registrar of Companies and the Central Government through Regional Director. Citations were also directed to be published in „Business Standard‟ (English) and „Jansatta‟ (Hindi). Affidavit of Service and Publication has been filed by the Petitioner Company showing compliance regarding service of the petition on the Regional Director, Northern Region, the Registrar of Companies and also regarding publication of citations in the aforesaid newspapers. Copies of the newspaper cuttings, in original, containing the publications have been filed along with the Affidavit of Service. 9. In res....
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....rores and as per the agreement the sale consideration has been shown @ Rs. 13.01 Crores. Thus Rs. 1 Crore has been taken over and above the registry value which is not reflected in the return filed by the assessee. However, the assessee has filed an appeal to the CIT (A) which is pending before the CIT (A). As per the ITNS-150, the assessee has paid full amount of tax and there is no demand. It is further stated that the Revenue Department needs protection of its revenue from the Hon'ble Court that unabsorbed losses, if any, will be adjusted with any new company formed by the assessee and if any amount is payable in future by the assessee after the appellate order of the CIT (A), the Hon'ble Court may kindly protect in the interest of the R....
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....In view of the approval accorded by the Shareholders of the Petitioner Company; representation/reports filed by the Regional Director, Northern Region, attached with this Court to the proposed Scheme of Arrangement, there appears to be no impediment to the grant of sanction to the Scheme of Arrangement. Consequently, sanction is hereby granted to the Scheme of Amalgamation under sections 391 and 394 of the Companies Act, 1956. The Petitioner Company will comply with the statutory requirements in accordance with law. However, in the view of the above, sanction is hereby granted to the Scheme under Section 391 and 394 of the Act. 17. Certified copy of the order be filed with the Registrar of Companies within 30 days from the date of receip....