2020 (9) TMI 654

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....st Applicant Company / Transferor Company) with Geosansar Advisors Private Limited (Second Applicant Company / Transferee Company). 2. The Applicant Companies submits that the Applicant Company 1 is engaged in business of aggregating and distributing the retail financial products such as home loan, personal loan, business loan, etc. First Applicant Company is operating as a direct sales agency and earns commission income by way of loan processing fees and is associated with various financial institutions which provides the loans to the customers. 3. The Applicant Companies further submits that the Applicant Company 2 is engaged in the business of Financial Inclusion Training Services which comprises of imparting financial education am....

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.... Creditors in the Applicant Company No.1 as mentioned in para 24 of the Company Scheme Application. The Chartered Accountant vide Certificate dated 31st December, 2019 had confirmed that there are no Secured Creditors in the Applicant Company No.1 as on 30th November, 2019. The Certificate is annexed at Exhibit P of the Company Scheme Application. 7. That there are no Secured Creditors in the Applicant Company No.2 as mentioned in para 24 of the Company Scheme Application. The Chartered Accountant vide Certificate dated 28th December, 2019 had confirmed that there are no Secured Creditors in the Applicant Company No.2 as on 30th November, 2019. The Certificate is also annexed to the Company Scheme Application. 8. The Counsel for the A....

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....,38,600/- (Rupees Nine Crores Sixty Four Lakhs Thirty Eight Thousand Six Hundred only) as on 30th November, 2019. In view of the positive net-worth the Counsel for the Applicant Company No. 2 submits that the scheme is an arrangement between the Applicant Company No.2 and their respective shareholders. This bench hereby directs the Applicant Company No.2 to issue notice to its Sole Unsecured Creditor as required under the Companies Act, 2013 with a direction that it may submit its representation, if any, to the Tribunal and copy of such representation shall simultaneously be served upon the Applicant Company No.2. The List of Unsecured Creditor is annexed as S and Certificate from Chartered Accountant dated 28th December, 2019 is annexed as....

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....e of receipt of the notice it will be presumed that Registrar of Companies has no objection to the proposed Scheme as per Rule 8 of the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. 13. The Applicant Companies to serve the notice on the concerned Income Tax Authority within whose jurisdiction, the Applicant Company No. 1 PAN:- AABCN1024D having his address at The Income Tax Officer, Range Code 923, AO Number 1, Ward 2(3)(1), Aayakar Bhawan, Churchgate, Mumbai-400020 and the Applicant Company No. 2 PAN:- AAACU7182L having his address at The Income Tax Officer, Range Code 921, AO Number 3, Ward 2(1)(3), Aayakar Bhawan, Churchgate, Mumbai-400020 wherethe respective Applicant Company's assessments are made, pursuant to....