TaxTMI 
TaxTMI 
2020 (9) TMI 516
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....unsel for the Applicant Companies submits that the present Scheme is a Scheme of Amalgamation of Polyplast Agencies (India) Private Limited (First Transferor Company) and Poly-Resin Agencies (India) Limited (Second Transferor Company) and Resin Distributors Limited (Third Transferor Company) and Silvassa Polyplast (India) Private Limited (Fourth Transferor Company) with Tufropes Private Limited (Transferee Company) and their respective shareholders. 3. Learned Counsel for the Applicant Companies further submits thatthe First Applicant Company is engaged in the business of Agency commission business along with Investment and Rent income. The Second Applicant Company is engaged in the business of Depot Management Service along with Investm....
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....irectors of each of the Applicant Companies on June 24, 2020. 7. Learned Counsel for the Applicant Companies further submit that in the First Applicant Company there are two Equity shareholders. Both the Equity shareholders have given their consent affidavits which are annexed as Annexure N2 to the Application. Learned Counsel for the Applicant Companies further submit that in the Second Applicant Company there are seven Equity shareholders. All the seven equity shareholders have given their consent affidavits which are annexed as Annexure O2 to the Application. Learned Counsel for the Applicant Companies further submit that in the Third Applicant Company there are seven Equity shareholders. All the seven equity shareholders have given t....
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....ations shall simultaneously be served upon the Applicant Companies. In view of the lockdown owing to the Covid-19 pandemic, notice to creditors be given by email to all the creditors. It shall be the responsibility of the Applicant Companies to ensure that every creditor is put on notice regarding the Scheme, so that they may take an informed decision thereon. 10. The Applicant Companies respectfully submits that: (a) Being a merger of wholly owned subsidiary companies into its holding company, no shares would be issued or allotted as consideration pursuant to the merger. Accordingly, the rights of members of the Transferee Company are not affected since there will be no issue of shares pursuant to the Scheme and there would be ....
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....017 in case of Godrej Properties Limited, in CSA No. 1615/2018 in case of Dolvi Minerals and Metals Private Limited, in CSA No. 396/2019 in JSW Logistic Infrastructure Private Limited, in CSA No. 1611/2019 in CEAT Specialty Tyres Limited, in CSA No. 3123/2019 in JAI Corp Limited and in CSA No. 4149/2019 in Godrej Properties Limited and CSA No.634/2020 in Asian Paints Limited. The Counsel for the Transferee Company submits that the facts in the present case are similar to the facts of above case therefore no meeting of shareholders and creditors of the Transferee Company is required to be convened. This Bench is of the view that the meeting of the equity shareholders and creditors of the Transferee Company can be dispensed with since all the....