2015 (7) TMI 1244

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....Bellissimo Enterprise Private Limited, the Transferor Company with Athanas Enterprise Private Limited, the Transferee Company under Section 391 to 394 of the Companies Act, 1956. It has been contended that both the companies belong to the same group of management and are engaged in similar commercial activities. The amalgamation is proposed in order to achieve synergic benefits and consolidation of resources and optimum utilization of the same would be advantageous to the stakeholders of the company. Amalgamation shall be beneficial from financial as well as administrative perspective. The petitions give in details the benefits envisaged due to the scheme. 3. It has been pointed out that vide the order dated 20th April 2015 passed in the....

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.... conducted in a manner prejudicial to the interest of their members or to the public interest. However, the Official Liquidator has requested this court to direct the petitioner Companies to preserve the books of accounts and records of the Transferor Company for a period of 8 years from the date of sanctioning the scheme and not to dispose off the same without prior permission of the Central Government The petitioner companies are accordingly directed to preserve the books and records of the Transferor Company for a period of 8 years from the date of sanctioning the scheme and not to dispose of the same without prior permission of the Central Government. 6. Notice of the petitions have been served upon the Central Government and Shri De....

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....petitioner companies. It has been contended by the Regional Director that the company falls under the category of an NBFC and hence the petitioner companies be directed to comply with the guidelines issued by RBI in this regard. It has been clarified that the petitioner companies do not fall under the category of an NBFC. The investment activity is strictly restricted to group companies only and no public interest is involved in the said activities. In view of the same, RBI guidelines are not applicable to the petitioner companies. (iv) The next observation made vide para 2(e) pertains to the letter dated 13th May 2015 from the Regional Director to the Income Tax dept. in order to obtain their objections if any. Since the statutory....