TaxTMI 
TaxTMI 
2020 (9) TMI 382
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....Amalgamation of ABANDCOMPANY CORPORATE SERVICES LTD (Applicant Company No. 1/ Transferor Company No. 1), MANALI ENTERPRISE PRIVATE LIMITED (Applicant Company no. 2/ Transferor Company no. 2), MANALI FINVEST LIMITED (Applicant Company no. 3/ Transferor Company no. 3) (hereinafter collectively referred to as 'Transferor Companies') are proposed to get amalgamated into ABNCO PROPERTIES PRIVATE LIMITED (Applicant Company no. 4/ Transferee Company) and their respective Shareholders. 3. The Learned Authorised Representative for the Applicants states that the respective Board of Directors of Transferor Companies and the Transferee Company at their respective Board Meetings held on 19th March, 2020 approved the Scheme. 4. The Learned Authorised R....
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.... (iii) MANALI FINVEST LTD, the Third Transferor Company holds 49.7% Shares in MANALI ENTERPRISE PRIVATE LIMITED, the Second Transferor Company. (iv) ABNCO PROPERTIES PRIVATE LIMITED the Transferee Company holds 50.77% Shares in MANALI FINVEST LIMITED, the third Transferor Company. (v) MANALI FINVEST LTD, the Third Transferor Company has also borrowed monies from the MANALI ENTERPRISES PRIVATE LIMITED the Second Transferor Company of Rs. 4,48,75,000. (vi) MANALI ENTERPRISES PRIVATE LIMITED the Second Transferor Company has also borrowed monies from ABANDCOMPANY CORPORATE SERVICES LIMITED the First Transferor Company of Rs. 3,52,00,000/- and ANANDCOMPANY CORPORATE SERVICES LIMITED, the First Transferor Company has also Borrowed Moni....
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.... combined entity. 7. The Applicant Company 1 / First Transferor Company has 8 equity shareholders. All of them have given their consent to the Scheme by way of Affidavits. These are placed at p.05-25 of the Additional Affidavit dated 12th August, 2020. In view of this, the meeting of the equity shareholders of the First Transferor Company is dispensed with. 8. The Applicant Company 2 / Second Transferor Company has 5 equity shareholders. All of them have given their consent to the Scheme by way of Affidavits and Board Resolutions. These are placed at p.27-41 of the Additional Affidavit dated 12th August, 2020. In view of this, the meeting of the equity shareholders of the Second Transferor Company is dispensed with. 9. The Applicant Com....
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....2 (Two) Unsecured Creditor in the m Third Transferor Company with a total outstanding amount of Rs. 5,500/- as on March 19, 2020. The details of the same have been placed at p. 464 of the Application and the consent from all the unsecured creditors has been placed at p. 464-465 of the Application. There are 1 (One) Unsecured Creditors in the Transferee Company with a total outstanding amount of Rs. 2,72,50,000/- as on March 26, 2020. The details of the same have been placed at p. 466 of the Application and the consent from all the unsecured creditors has been placed at p. 467-471 of the Application. Since the consent of all the unsecured creditors are received and the present Scheme does not involve an arrangement with creditors and there w....