TaxTMI 
TaxTMI 
2016 (12) TMI 187
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....tanding Counsel for Mr. Devang Vyas, learned Assistant Solicitor General of India. 2. These are the petitions filed by the two Petitioner Companies for sanctioning of the Scheme of Arrangement of Aditya Birla Money Mart Limited (Demerged Company) with Aditya Birla Finance Limited (Resulting Company) (Scheme). 3. The Petitioner of the Company Petition No.445 of 2016, i.e., Aditya Birla Money Mart Limited, had filed an application in this Court, being Company Application No. 424 of 2016, for dispensing with the convening and holding of the meetings of the Equity Shareholders, Sole Preference Shareholder and Unsecured Creditors of the said Company. It was also prayed that this Court be pleased to dispense with the separate procedure to be fo....
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....its to the Scheme received from all the Equity Shareholders and the sole Preference Shareholder. This Court also dispensed with the meetings of the Secured Creditors and Unsecured Creditors of the said Company. 5. The Petitioners, thereafter, filed Company Petition Nos. 445 and 446 of 2016, seeking the sanction of the Scheme. This Court by its orders both dated 5.10.2016, admitted the aforesaid Company Petitions and directed the issuance of notice to the Regional Director in Company Petition Nos. 445 and 446 of 2016. This Court also directed the publication of the notice of the hearing of the petition in the English daily newspaper, "Indian Express", Ahmedabad Edition and the Gujarati daily newspaper, "Sandesh", Rajkot Edition, in Company ....
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....ed to direct the petitioner companies to place on record all the relevant facts in the matter and to satisfy that these contingent liabilities, in case they get invoked, will not affect the financial position of the Company adversely, so as to impact the liquidity of the Company and its continuance/going concern concept. It is further observed by the Regional Director in paragraph 2(g) of the said common affidavit that this Court be pleased to direct the petitioner companies to undertake the compliance of the Income Tax Act and Rules. 8. Mr. Singhi, learned Advocate appearing for the Petitioner Companies states that one of the Petitioner Companies, namely Aditya Birla Finance Limited has filed the necessary affidavit in reply dated 24.11.2....
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....e Company Application No. 425 of 2016 at AnnexureM (Colly) and therefore, the contingent liabilities would not affect the financial position of ABFL. In light of the aforesaid, this Court is of the view that the observations of the Regional Director at paragraph 2(f) of the common affidavit are satisfactorily answered. 12. In respect of the observations made by the Regional Director at paragraph 2(g) of the common affidavit, the Petitioner Company in paragraph 6 of its reply has stated that the Scheme is in compliance with the provisions of Section 2(19AA) of the Income Tax Act, 1961. 13. Considering the entire facts and circumstances of the case and on perusal of the Scheme and the proceedings, it appears that the requirements of the pro....