2018 (12) TMI 1545

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....ers dated 27.07.2018, the Appellant was permitted to substitute the Respondent by deleting Registrar of NCLT and substituting Registrar of Companies. The Appellants have done so. The Appellants have filed proof of service of the appeal on the Registrar of Company. None is present. 2. With consent of counsel for Appellant, we have heard the Appeal finally. The Appellant Nos.2 to 4 are Transferor Companies who are to merge with the Appellant No.1 transferee company. Counsel for Appellants states that the Appellants 2 to 4 are wholly owned subsidiaries of the Appellant No.1 and transferee Company holds all the shares of the Appellants 2 to 4. 3. The Impugned Order shows that the scheme of merger by absorption as proposed by the App....

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....and transactions have occurred after this date, hence, in my humble opinion, sanctioning of this Scheme with the same Appointed Date, will deter the Income Tax Authorities to scrutinize the Tax Liabilities of the Transferor Companies. n) Hence, not to dilute the rights of the Income Tax Authorities, this Bench hereby orders that, the Appointed date of the Scheme shall be 1st April, 2018 instead of 1st April, 2017. Rest of the Scheme remains unaltered. o) The Scheme is sanctioned hereby with the above directions." 4. Counsel for the Appellant is referring to para - 6 of the scheme which reads as under:- "6. Conduct of Business during the Interim Period With effect from Appointed Date and up to and inclu....