2016 (2) TMI 92

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....sors Private Limited, the Transferee Company, proposed under Sections 391 to 394 of the Companies Act, 1956. 2. It is submitted that both the companies in the proposed Scheme belong to the same group of management. The Transferor Company is primarily engaged in the business of providing advisory and consultancy services in the field of corporate and other allied laws and management/corporate advisory. The Transferee Company is promoted with the objective of carrying on the activity of providing advisory and consultancy services in the field of taxation, corporate and other allied laws. The Board of Directors of these Companies proposed the amalgamation of the companies for synergic benefits. The petitions provide the details of the anticip....

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....Notice of the petition has been served upon the Office of the Official Liquidator for the Transferor Company. The report dated 11th January, 2016 has been filed by the Official Liquidator after taking into account the report of the Chartered Accountant appointed by him out of the panel. It has been observed by the Official Liquidator that the affairs of the Transferor Company have been conducted within its object clauses and it has not been conducted in any manner prejudicial to the interest of the members or public interest, hence the petitioner Transferor Company may be dissolved without following the process of winding up. However, the Official Liquidator has sought directions to be issued to preserve the books of accounts, papers and re....

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....i) The observation made vide Paragraph2( c) pertains to the letter dated 23rd November 2015, sent by the Regional Director to the Income Tax Department inviting their objections, if any. Since the statutory period of 15 days, as envisaged by the relevant circular of the Ministry of Corporate Affairs is over, it can be presumed that the Income Tax Department has no objection to the proposed Scheme of arrangement. The petitioner companies have agreed to comply with the applicable provisions of the Income Tax Act and Rules. In view of the same, no further directions are required to be issued to the petitioner companies in this regard. 9. Considering the above facts and circumstances and taking into account the contentions raised in the affida....