2016 (7) TMI 216

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....amation of SNK Etax Solutions Limited and SNK And Taj Solutions Private Limited with SNK Solutions Private Limited. It is reported that as the registered office of the SNK Solutions Private Limited, the Transferee Company is situated at Mumbai, the said Company has initiated proceedings for sanction of Scheme before the Hon'ble High Court of Judicature at Bombay. 2. SNK and Taj Solutions Private Limited, the Transferor Company, filed Company Application No. 116 of 2016 seeking dispensation of the meetings of the Equity Shareholders and Unsecured Creditors. It is reported that there are no secured creditors. By an order dated 5.4.2016 passed in Company Application No.116 of 2016, this Court ordered dispensation of the meetings of the ....

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....ing only one observation, which is with regard to the comments from the Income Tax Department. According to the Regional Director, the petitioner Companies may be directed to undertake compliance of the Income Tax Act and Rules. 8. In response to the affidavit of the Regional Director dated 24.6.2016, the petitioners in Company Petition No.115 and 120 of 2016 have filed common response by an affidavit dated 30.6.2016 giving their response to the observation of the Regional Director. It is submitted on behalf of petitioners that the report of the Regional Director itself shows that pursuant to the letter of the Regional Director, no adverse remarks are received from the Income Tax Department. Without prejudice, it is submitted that the pe....

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.... to the sanction of the Scheme by the Hon'ble High Court of Judicature at Bombay in the petition tiled by the Transferee Company. It is further directed that the petitioner companies shall preserve their books of accounts, papers and record and shall not to dispose of the records without the prior permission of the Central Government under Section 396-A of the Companies Act, 1956. The petitioner companies are also directed to ensure compliance of all applicable laws and it is also observed that sanction of the Scheme shall not absolve the petitioner companies from any of the statutory liability, if any. 12. The cost of the petitions is determined at Rs. 10,000/- per petition, which shall be paid by both the petitioners respectively, by d....